The price of Kadena (KDA) has surged by 10.35% in the last 24 hours, reaching $0.494905 with a 24-hour trading volume of $13,001,929.37. The cryptocurrency has also seen a 10.69% increase over the past week. With a circulating supply of 240 million KDA, the asset now boasts a market cap of $120,326,043. What’s behind this sudden uptick? Let’s dive in.
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What you'll learn 👉
The Catalysts
According to crypto enthusiasts on social media, several factors are contributing to Kadena’s recent price surge. A tweet from @trias_gom highlighted that Ledger support has finally arrived for KDA, allowing users to move their coins off exchanges. This has resulted in increased buy pressure, propelling KDA to the top of the Binance gainers list.
Crypto Fan @BullMarketPil chimed in, calling KDA a “sleeping GIANT” and pointing out its potential for exponential rewards. The tweet also mentioned upcoming developments like the integration of USDC and a potential Coinbase listing, as well as Kadena’s impressive transaction speed of over 250,000 transactions per second.
Community Sentiment: Far from Dead
A recent Reddit thread questioned whether Kadena was “dead,” sparking a flurry of responses that overwhelmingly rejected this notion. Users cited the project’s ongoing development, emerging partnerships, and real-world use cases as evidence of its vitality. The CTO even engaged in the conversation, challenging the idea that Kadena is anything but active.
The Kadena community also emphasized Kadena’s focus on institutional transactions and banks, thanks to its energy-efficient proof-of-work model. While some critiques were made about the project’s slow growth compared to Ethereum, the general consensus is that Kadena is still in its early stages and has a lot of potentials.
The Debate Continues
Another Reddit conversation revolved around Kadena’s slow growth in developers, dapps, and total value locked compared to Ethereum and its layer 2 Arbitrum. While some users argued that Kadena should prioritize marketing, others believed that building robust technology should come first. The discussion also touched on Kadena’s scalability and its potential adoption in the gaming sector, where frequent transactions are common.
Conclusion
The recent surge in Kadena’s price can be attributed to a combination of factors, including new Ledger support, potential listings, and strong community sentiment. While debates continue about its long-term prospects, the current market activity suggests that Kadena is far from being a “dead” project. With its focus on scalability and institutional adoption, Kadena is a project to keep an eye on.
