KAITO is now in the top 6 of the gainers, and its popularity remains high. KAITO is an AI-driven platform focused on web3 insights. The project has attracted much attention since its launch, especially after the launch of Yaps in December 2024. Yaps is a permissionless protocol that converts attention into tradable assets. It has been used in reward systems and SocialFi applications.
On February 21, KAITO rose to an intraday high of $2.1, with a market value of $458 million in early Asian trading. KAITO suddenly rose 106% after its token generation event and listing on several major exchanges. The rise occurred against the backdrop of a surge in trading volume. In the past 24 hours, KAITO's trading volume has exceeded $2.1 billion, indicating that there is still a lot of demand from traders in the market, creating a more positive market situation.
Most of the gains were mainly realized after KAITO was officially listed on centralized exchanges such as Binance and OKX on February 20. These exchange listings follow a token generation event held that day, bringing the total supply to 1 billion tokens.
Despite the current momentum, underlying on-chain data suggests that this bullish momentum may be short-lived. The first 12 recipients of the KAITO airdrop received a total of about $3.3 million worth of tokens. However, 10 of them have sold most of their holdings, and 8 of them have completely exited their positions. The large-scale selling also caused a certain impact on the market, and most retail investors panicked because of the outflow of funds from the market and chose to sell by following orders.
This shows that early recipients are more focused on short-term gains rather than long-term growth potential. In addition, the recent black swan event against Ethereum, and the fact that Bitcoin fell below the support level of 90,000💲, will also have a certain impact on the subsequent market growth around KAITO. Xiaoyu suggests that friends can observe more in the near future. After all, the recent currency circle is really a bit chaotic🫨