Want to know why $KAS has surged 8.5% in 24h and over 15,000% in a year? Read this explainer on the $KAS price increase.
Key Points:
$KAS, a Layer-1 blockchain project, has gained over 8.5% in 24 hours and an unprecedented 16,000% in the past year.
The team behind Kaspa coin claims they’ve created the fastest and most efficient blockchain on the market.
Not every day you see a token surging by over 15,000% in one year, especially in a bear market. Kaspa coin ($KAS) has been on an insane bull run. The token has notched up an 8.5% gain in the past 24 hours and grown by over 16,000% in the last year, yet its market capitalisation is well below $1 billion. This post will tell you everything you need to know about one of the hottest alt-coins on the market.
What Is $KAS?
You may never have heard of $KAS, so before looking at its insane price surge, let’s dive into the project’s details. Kaspa coin is a layer-1 cryptocurrency network that operates using a novel Proof-of-Work (PoW) consensus mechanism known as a blockDAG. The website claims that thanks to the blockDAG system, “Kaspa is the fastest, open-source, decentralized & fully scalable Layer-1 in the world.”
The bold claim made by the team is then backed up with a series of insights into the network’s features. Transactions are settled using a novel GHOSTDAG/PHANTOM protocol which, according to the developers, gives the blockchain Bitcoin-level security with faster and cheaper transactions.
Reportedly the network issues multiple blocks at the same time, and they are confirmed within 10 seconds, making it one of the fastest layer-1s out there. The multi-block system combined with parallel side chains means that scalability isn’t an obstacle faced by the network.
We should always take such bold claims with a pinch of salt when it comes to alt-coin projects. However, the team has undoubtedly been successful in convincing traders of $KAS’ potential, as its market capitalisation has been skyrocketing for the past 12 months.
$KAS Tokenomics
Kas coin was launched in November 2021 and has a maxim supply of 28.7 billion tokens. As of July 26th, 19 billion of the tokens are in circulation, and its market capitalisation is $750 million, making it the 60th biggest crypto on the market. The fact that $KAS had a market capitalisation of under $100 million less than six months ago shows how quickly it has grown.
Why Has $KAS Surged In The Short-Term?
$KAS hit $0.037 today, marking an 8.8% increase in the past 24 hours. The token is now up over 50% in the last 14 days. The recent price surge is probably due to two factors.
$KAS Extension Wallet
The $KAS team and community have launched a funding round to develop a browser extension wallet similar to MetaMask. 10% of the funds have already been raised, and there’s hope among holders that an extension wallet will make the token more accessible to new users and improve its usability. The announcement was followed by a spike that missed the token’s all-time high of $0.042 by a whisker.
FOMO
When a token jumps by over 16,000% in less than a year, FOMO tends to take over. Very few, if any, alt-coins have been able to keep up with Kas coin in terms of consistent gains, and it's certain that people hoping for short-term gains are now making risky bets by buying near its all-time high price.
Why Has $KAS Surged In The Long Term?
$KAS is up 16,497% in the last year. An unprecedented price surge, especially in a bear market. While we can put some of the gains down to ongoing FOMO, at least part must be due to faith in the project and the team. People are betting on the blockDAG mechanism and multi-block system to put $KAS ahead of other competing layer-1s. The team’s made some bold claims, and it appears that plenty of traders and investors are backing them to deliver.
What Is The Future Of $KAS?
The future of $KAS, like any alt-coin with a low market capitalisation, is hard, if not impossible, to predict. It’s hard to imagine that there won’t be some sort of pullback where at least part of the insane gains made over the past 12 months are given up. However, for now, the chart shows a long-term bullish trend and with a market cap that’s still relatively small, it won’t take huge inflows to push the price even higher.
Conclusion
$KAS has slipped under most people’s radar despite posting some of the most insane gains we’ve seen in crypto for some time. The team behind the project appears confident that they’ve created a layer-1 blockchain with leading transaction speeds and security. The next milestone to watch is the $KAS wallet extension that could make the token accessible to new users.