Kaspa price has seen a 65% crash from its August 2024 high. The token has had a few bullish moments since then, but none has been strong enough to create a lasting breakout. Despite this decline, some of Kaspa’s largest holders seem more confident than ever. Instead of selling, they’re buying more.
In an update from Kaspa Report on X, it was revealed that the top 10% of Kaspa wallets have steadily increased their KAS holdings over the past three months. What’s interesting is that this accumulation has continued no matter what the KAS price has done. While the price has shown volatility, the total amount of KAS held by these top wallets has grown at a relatively constant pace.
This signals something deeper. It suggests that these large holders are not just passively holding KAS, but are actively accumulating it even as the price drops. In fact, their percentage of the circulating supply has been increasing. That means they’re not just gaining more coins from regular emissions. They’re buying more than what’s naturally being added to the system.
What you'll learn 👉
Are They Buying the Dip or Betting on the Long Game?
One possible explanation is dollar-cost averaging. This is a strategy where investors buy a set amount of crypto regularly, regardless of the price. If they stick to this method during market dips, they end up buying more coins for the same amount of money. That could explain why these wallets grow their share faster when the KAS price drops.
But there’s also a deeper layer. The report suggests that some of these wallet holders may have switched to thinking in KAS terms instead of fiat terms. In other words, they’re not judging value based on the dollar anymore. They’re thinking in terms of how much KAS they own. That’s a sign of deep conviction in Kaspa’s future.
Over the past three months, the top 10% of Kaspa wallets have been steadily accumulating more KAS regardless of price action.
— Kaspa Report (@KaspaReport) June 18, 2025
In this chart, the black line (total KAS held by the top 10% of Kaspa wallets) exhibits apparent linearity, while the gray line (USD price) exhibits… pic.twitter.com/RuzTiCGVH0
Why This Matters for the KAS Price
The fact that the top 10% of wallets are holding a bigger piece of the pie could have major long-term effects on the Kaspa price. When major holders refuse to sell and instead keep buying, they reduce the amount of KAS available on the market. This creates scarcity. And if retail interest picks up again, that scarcity could drive the KAS price higher.
The Kaspa Report team points out that even with emissions playing a role in supply increases, the pace of accumulation by top wallets is faster than emissions alone can explain. The second-largest Kaspa wallet, for example, has been accumulating at such a rapid pace that it’s distorting normal redistribution trends. That kind of behavior sends a strong signal. Someone behind that wallet is very bullish on Kaspa.
Analyst’s Final View: Kaspa Is More Than Just Another Coin
Kaspa Report analyst concluded that KAS could become one of the most transformative monetary systems ever created. In their view, it has the potential to do more than disrupt the financial system, it could completely redefine it.
Read Also: Hedera (HBAR) Price to $0.60? Analyst Weighs In
That might sound extreme to some, but actions speak louder than words. The largest KAS holders aren’t waiting for the price to go up before getting in. They’re accumulating now, even while the market struggles. Maybe they know something others don’t. Or maybe they simply believe that Kaspa’s real value hasn’t been priced in yet.
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