Kadena (KDA) Skyrockets 23% as Binance Debuts KDA Futures Trading

YEREVAN (CoinChapter.com) — Kadena (KDA) experienced a significant price jump last week, nearly 23%, reaching $0.6332. This increase followed Binance’s announcement of new futures trading for Kadena. This news contributed to the token’s surge.

Unpacking Kadena’s Market Dynamics

On September 18, Binance launched the KDA/USDT USD-Margined perpetual contract, which led to an increase in On September 18, Binance launched the KDA/USDT USD-Margined perpetual contract, which led to an increase in trading activity.

Over the last 24 hours from the snapshot, Kadena’s trading volume escalated by 2667.24%, reaching upwards of $101,081,543.

Binance Futures Launches KDA USD-Margined Contract – September 2024 Announcement. Source: Binance Futures

The market cap also experienced significant growth, up by 22.96%, reaching around $183,330,908. These figures underscore the market confidence in Kadena after Binance’s futures listing announcement.

Kadena’s Price and Supply Metrics

Kadena’s price trajectory has garnered attention, particularly when viewed alongside its historical data. The chart initially reveals a steady increase in Kadena’s price from a low of about $0.5237, reaching a peak following the Binance announcement.

Moreover, the circulating supply of KDA tokens is currently 289,548,698, accounting for 28.95% of the total and maximum supply of 1,000,000,000 KDA.

Kadena KDA Price Surge: September 2024 Trading Data. Source: CoinMarketCap

This supply dynamic, coupled with the introduction of high-leverage futures trading, suggests potential for more vigorous trading sessions ahead, as traders can now more aggressively speculate on Kadena’s price movements.

Kadena’s Bright Future: How Binance Futures Trading Boosts Token Prices

Binance’s introduction of futures trading typically sets a positive precedent for the tokens involved. Historical trends from other tokens like UXLINK and AERGO confirm that futures listings on Binance often lead to sustained interest and price increases.

With Kadena’s proven scalability as a proof-of-work blockchain and its current market momentum, there’s a robust case for its continued upward trajectory.

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