Kaito, an AI-based social media tokenization project, announced today that it has not sold any tokens since February. The company terminated its agreement with the market maker Web3Port due to unspecified disputes.
Despite this, KAITO has demonstrated an impressive recovery over the past month, rising by more than 150% in 30 days. Listings on exchanges and staking tokens are contributing to building momentum, but the core product still has shortcomings.
Controversy surrounding the KAITO token and the dispute with the market maker
Kaito attracted attention due to a loud airdrop in February, but since then the situation has been extremely unstable. The tokenomics of the airdrop faced harsh criticism from the community, and significant selling pressure quickly weakened the project's momentum.
Today, the company announced that it has not sold any KAITO tokens following the controversial events in February. Kaito also clarified that its dispute with Web3Port is unrelated to another controversy that shook the company the following month.
Meanwhile, KAITO has experienced a significant bullish cycle over the past month. The price of this altcoin has risen by more than 150% in the last 30 days. It is important to note that KAITO achieved such a recovery despite the company's inability to directly sell its tokens. However, during this period of calm, the project has secured several victories, including the listing of its token on major exchanges like Binance and Coinbase.
A series of planned updates on May 6 is likely to have also contributed to the success, as the token's price and trading volumes surged the following day.
In this context, Kaito announced the launch of staking token rewards less than two hours after the first statement. Community enthusiasts reacted with great excitement, discussing how this could further stimulate the platform's growth.
Despite speculative trading in recent markets, KAITO remains a utility token. The company has set ambitious goals using AI and tokenization to reward original and high-quality content on social media.
Staking rewards and listings on exchanges may contribute to increasing KAITO's capitalization, but users continue to complain that the core product requires significant improvements. Low-quality posts currently dominate the platform's rankings.
In summary, assessing the long-term prospects of the company is still difficult. On one hand, the Kaito token has made an impressive recovery despite negative community reactions and a failed partnership with Web3Port. Kaito's success in creating real utility will ultimately determine its long-term outcomes.#BinanceSquare #Write2Earn #Binance #BinanceAlphaAlert #TradeStories $KAITO