Kaspa (KAS) is showing signs of steady accumulation in a market known for quick reversals. But instead of hype-driven rallies, what’s emerging is something deeper: reduced selling pressure and stronger long-term conviction.
New on-chain data shared by Kaspa Daily on X reveals that nearly 70% of Kaspa’s circulating supply hasn’t moved in over three months. That’s a new record, and it’s happening while the KAS price holds above a key support level near $0.10.
What you'll learn 👉
🔎 What the Chart Shows
A recent chart plots this trend clearly. The blue line tracks the percentage of KAS supply untouched for 90+ days, while the gray line represents the token’s price. From mid-2023 to late May 2025, the locked supply has climbed from under 50% to nearly 70%, showing a consistent uptrend.
What’s notable is how this behavior persists through volatility. Even during sharp drawdowns, like those in January and February 2024, the long-term holding percentage either held steady or increased. That type of behavior is not common in speculative crypto markets.
🧠 Why It Matters for KAS Price
The rise in long-term holdings reduces the available supply on exchanges. This means less KAS is accessible for trading, which can lead to stronger price reactions if demand increases.
It also points to stronger holder conviction. Instead of panic selling or chasing pumps, a growing part of the Kaspa community appears to be treating KAS as a store of value. The behavior reflects confidence in Kaspa’s roadmap and upcoming milestones, especially smart contract functionality and broader Layer 1 adoption.
📉 MEXC Liquidity Concerns
However, not all metrics are bullish. Another update from Kaspa Daily highlights that spot liquidity on MEXC, one of Kaspa’s largest trading venues, is 3–4 times thinner than other exchanges. This is notable because MEXC still accounts for about 20% of KAS volume.
MEXC spot liquidity for Kaspa remains 3–4 times thinner compared to other exchanges, despite accounting for roughly 20% of total KAS trading volume.
— Kaspa Daily (@DailyKaspa) May 28, 2025
This mismatch is concerning, thinner order books on a high-volume venue increase the risk of slippage, sudden price swings, and… pic.twitter.com/xYwNE4ivCp
Thin order books on high-volume platforms raise concerns around slippage, volatility, and the potential for manipulated price action during larger trades. Traders relying on price signals from MEXC should be aware of this liquidity mismatch.
Furthermore, Kaspa also ranks in the top 10 for bullish sentiment on CoinMarketCap, according to Kaspa Daily. This comes as the ecosystem prepares for the launch of Kasplex’s public testnet, a step that will bring smart contract capabilities to the network sooner than expected.
Read Also: Kaspa (KAS) vs. SUI: Which Is the Better Crypto to Hold Right Now?
Kaspa is in the top 10 for bullish community sentiment on CoinMarketCap today.
— Kaspa Daily (@DailyKaspa) May 28, 2025
Community optimism remains strong as future developments, including smart contract capabilities and ecosystem growth, position Kaspa as one of the most promising decentralized Layer 1s in the space. pic.twitter.com/9EfzibYjg2
The combination of strong sentiment, expanding utility, and rising long-term holding behavior paints a picture of a Layer 1 project that is steadily gaining ground.
While short-term price moves can be unpredictable, Kaspa’s long-term holders are quietly shaping the market structure. With nearly 70% of the supply locked away and major updates on the horizon, KAS price appears positioned for a new phase of growth, driven more by fundamentals than speculation.
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