Why did KAITO token surge over 40% today?

KAITO surged as much as 42% today, kicking off a strong rally amid rising investor interest driven by new partnerships and expanding community rewards.

Kaito (KAITO) rallied to hit an intraday high of $1.17 on May 7 before cooling down a bit to around $1.13 by press time. That’s nearly a 70% gain from last month’s low. Its market cap has also exploded, sitting at over $273 million.

As of May 7, morning Asian time, its daily trading volume was 340% higher than the previous day at over $317 million, indicating a major rise in trading activity.

The surge followed a sharp increase in futures open interest in recent days, which hit a 2-month high of $103 million, way up from about $37.7 million just a month ago, per data from CoinGlass. The simultaneous rise in price and open interest typically signals strengthening bullish sentiment.

KAITO crypto’s recent price surge appears to be the renewed attention it’s getting after Kaito integrated Huma Finance’s Yapper leaderboard ahead of its TGE. Yappers are users who actively post and engage with crypto-related content on X, and they earn rewards through Kaito’s platform#TradeStories