Kaito (KAITO) Soared by 26%, Fueled by Its Listing on Upbit

Upbit has just listed Kaito (KAITO) on its KRW, BTC, and USDT markets, with deposits only available through Base—other networks are not supported.

Crypto exchange Upbit has just listed Kaito (KAITO) on its KRW, BTC, and USDT markets, with deposits only available through Base—other networks are not supported.

The listing comes as Kaito has been showing signs of strength, adding to its growing presence on major centralized exchanges. Earlier this month, Binance, Coinbase, Kraken, OKX, Gate.io, Bybit, and MEXC all listed KAITO on Feb. 20, to coincide with the token’s generation event and the start of its airdrop campaign.

However, while the exchange listing is a significant milestone for Kaito, it’s not the first time the token has been listed on a major exchange. In fact, Kaito has been listed on several other exchanges in recent months, including FTX, Huobi, and Bittrex Global.

The listing on Upbit is another step in Kaito’s journey to becoming a major player in the DeFi space. Kaito is a new token that is being launched through a novel generation event, starting on February 15th, 2024. The event will culminate in the complete generation of Kaito tokens and the start of its airdrop campaign on February 20th.

The top 12 aidrop claimants received a combined total of approximately $3.3 million worth of Kaito, but 10 of them have already offloaded most of their holdings, with 8 completely exiting their positions right after the airdrop.

As of now, 15.7% of airdrop clamants are still holding onto their Kaito tokens, while 83.4% have either sold or transferred most of theirs, according to Dune Analytics. A small number of addresses have accumulated more tokens. This suggests that the majority of Kaito’s airdrop claimants have chosen to liquidate their tokens rather than hold onto them for long-term profits.

As far as Kaito’s recent price performance is concerned, after the late Feb. rally that propelled KAITO to its new all-time high on Feb. 27, Kaito experienced a sharp correction, retracing much of its gains. By early March, Kaito had dropped to around $1.50, marking a significant pullback from its peak. At press time, Kaito is trading slightly below the 21 EMA ($1.86), acting as its dynamic resistance. A breakout above this level could signal a potential reversal, while failure to hold could lead to further declines towards the local support level of $1.50. However, the recent spike in volume, likely the result of the Upbit listing, indicates strong buying pressure with key resistance lying around the $2.00-$2.10 range.

Moreover, since 10 of the aidrop top claimants have already taken profits, Kaito’s price now stands on a more stable foundation, which could allow it to consolidate at a more sustainable level, especially if traders continue to show interest in the token.