This Little-Known Crypto Is Shooting Up Nearly 90% – Here's Why
Investors on Kaspa have been enjoying gains as KAS, which is the protocol’s native crypto, has followed the general market trend upward. According to CoinGecko, the token has increased by more than 4% in the past 24 hours.
The biggest gains were made in the bi-weekly timeframe, with an outstanding 117% increase, and during the last seven days that gave KAS a nearly 90% increase.
This is a result of the protocol’s drive to get KAS listed on multiple exchanges, which increases the visibility of KAS to potential investors. The crypto currently has a market cap of $500 million.
Source: CoinMarketCap
Source: Coingecko
On-Chain Developments And Major Listings For The Crypto
While the team behind Kaspa certainly has plans to improve the ecosystem, their current focus appears to be on getting KAS listed on reputable exchanges. Just yesterday, the token was listed on BYDFi, a US-based exchange, adding to a string of successful listings.
Earlier this week, it was also listed on HotBit and Gate.io, two reputable exchanges with a solid track record of years in the industry.
📈 NEW LISTING ALERT! $KAS just got listed on @Hotbit_news
• KAS/USDThttps://t.co/POtCGBlGpX#KAS #kaspa #USDT pic.twitter.com/PWTkuWpl5w
— Kaspa (@KaspaCurrency) March 27, 2023
KAS is now available for deposit and withdrawal on DigiFinex, another cryptocurrency exchange that was established in 2017. However, it wasn’t all sunshine and rainbows for the Kaspa community. Recently, they were targeted by a phishing attack that aimed to deceive users who wanted to use their web wallets.
According to Kaspa’s official Twitter account, scammers allegedly paid for ads with malicious URLs that imitated the ones used by Kaspa. However, this incident also indicates that the protocol is gaining ground in the cryptocurrency industry, to the extent that hackers and other malicious actors have taken notice.
Withdrawals and Deposits are now open for $KAS on @DigiFinex . #Kaspa #DigiFinex #trading https://t.co/eVjHavsAHE
— Kaspa (@KaspaCurrency) March 24, 2023
Massive Correction Facing KAS In The Short-Term
After massive gains in the past few days, the bulls hit resistance at $0.0369 and were left exhausted. As a result, the coming week could bring pain to investors of the token, potentially causing it to drop toward $0.0248.
If this happens, investors and traders should focus on defending the $0.0248 support level, as a bearish breakthrough could lead to the bears clawing back toward $0.0163.
Crypto total market cap currently at $1.14 trillion on the daily chart at TradingView.com
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Monitoring the price movements of major cryptocurrencies could help investors and traders make informed decisions. Additionally, on-chain and off-chain developments could increase the number of investors in the token, potentially driving prices upward.
However, it may take days or weeks for the recent listings to have a significant effect on KAS’s price. For now, investors and traders should prepare for any roadblocks in the next couple of days.
-Featured image from Home Delivery Fireworks
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