Here is Why KAITO Jump 25% Today
KAITO's Upbit listing spurred a 26% price surge, despite initial airdrop recipients largely selling, suggesting speculative activity but potential for future stability.
KAITO (KAITO) native token price witnessed a 26% increase today following its listing on Upbit, a significant South Korean cryptocurrency exchange.
The listing on Upbit, encompassing KRW, BTC, and USDT markets, albeit with deposit restrictions limited to the Base network, has demonstrably boosted trading activity.
Additionally, within 24 hours of the listing, KAITO experienced a 25% price increase, reaching $1.82 at the time of writing, with a remarkable 108% surge in 24-hour trading volume, reaching $996 million.
Upbit Listing of $KAITO Triggers Price Jump
This Upbit listing, while a substantial achievement, follows Kaito’s earlier successful listing on several prominent exchanges including Binance, Coinbase, Kraken, OKX, Gate.io, Bybit, and MEXC. These listings coincided with the token’s generation event and the commencement of its airdrop campaign in late February.
The airdrop, while generating considerable initial excitement, reveals a complex picture of market sentiment. While the top twelve airdrop recipients collectively received approximately $3.3 million worth of KAITO, a significant portion of these recipients rapidly liquidated their holdings.
Data from Dune Analytics indicates that ten of these top recipients completely exited their positions, while only 15.7% of all airdrop claimants retain their KAITO tokens; the remaining 83.4% have largely sold or transferred their allocation.
This rapid divestment, despite the initial price surge, suggests a speculative element within the initial airdrop distribution. A smaller number of addresses, however, have accumulated larger quantities of KAITO, demonstrating a contrasting strategy of long-term investment.
KAITO Price Action
Following a late February rally that pushed KAITO to its all-time high on February 27th, the token experienced a significant correction, retracing much of its gains. By early March, the price had dropped to approximately $1.50, representing a substantial pullback.
Currently, KAITO is trading slightly below its 21-day Exponential Moving Average (EMA) of $1.86, a key dynamic resistance level. A decisive break above this level could signal a potential price reversal and sustained upward momentum, according to Coingecko data
Conversely, failure to maintain this level could indicate further price declines towards the local support level of $1.50. The recent volume spike, directly linked to the Upbit listing, demonstrates substantial buying pressure, with key resistance anticipated within the $2.00-$2.10 range.
The significant profit-taking by a large portion of the initial airdrop recipients, particularly the top ten, might paradoxically contribute to greater price stability.
