KAITO 📈reached an intraday high of $2.52, increasing its market capitalisation from $440 million to over $600 million as of press time. Its price rise occurred in a high-volume trading environment, with daily trading volume doubling in the last day to more over $1.97 billion.
🔸KAITO's surge followed an increase in demand from its derivative traders. CoinGlass data shows that open interest in the KAITO futures market has increased by approximately 66%, reaching an all-time high of $192 million.
🔸 At the same time, its weighted funding rate is recovering from negative territory, indicating that traders are becoming more hopeful and maybe looking for profit possibilities.
🔸AI-based altcoin KAITO surged after Nvidia's Q4 results showed a 12% increase in revenue and a 78% year-over-year increase, with other AI-related cryptos also experiencing significant growth.
🔸Whales have shown interest in KAITO, buying back $1.39 million worth and selling over 110,000 airdropped tokens, adding to the rally and bullish signal from retail investors.
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