Kaito (KAITO) Token is Up 105% Since Launch, Defying the Negative Trend in the Cryptocurrency Market

Kaito is one of the few cryptocurrencies defying the negative trend in the cryptocurrency market, as the freshly-launched KAITO token is up by a very impressive 105% in the last 7 days.

Kaito (KAITO) is one of the few cryptocurrencies defying the negative trend in the cryptocurrency market, as the freshly-launched token is up by a very impressive 105% in the last 7 days.

For the uninitiated, Kaito is an AI-powered platform that provides investors information about the trends in the crypto and web3 sectors. It aggregates data from diverse sources, including social media, governance forums, research papers, news outlets, podcasts, and conference transcripts to provide users with actionable insights.

A key feature of Kaito is its Yaps platform, which tokenizes attention by analyzing social interactions and content quality. Using AI algorithms, Yaps evaluates factors such as the volume of relevant content, genuine engagement, and the originality of discussions. This system rewards users, known as "Yappers," for their meaningful contributions to crypto-related conversations on platforms like X.

Yapper Launchpad allows the community to vote on which projects should have their own leaderboards, promoting decentralized decision-making within the ecosystem.

However, the token has also been the subject of some controversy, as 10% of the total KAITO supply was allocated towards the token’s initial airdrop. Roughly 31% of the 100 million KAITO tokens allocated for the airdrop have been claimed so far.

The futures market for Kaito has seen impressive growth in open interest, which is currently at $140 million according to data from CoinGlass. Binance is currently dominating the KAITO futures market, with $69 million in open interest and $2.9 billion in daily trading volume.

Since February 20, the total number of staked KAITO tokens has grown by 216%, from 3.1 million to 9.8 million. The effect of staking effectively shrinking the amount of KAITO tokens on the market could be one of the reasons for the token’s strong performance.

The number of staked KAITO has been growing steadily. Image source: Hashed via Dune Analytics

This strong rally has seen the token break into the cryptocurrency top 150, with the token’s current market capitalization of $572 million placing it at #107 in the crypto market cap rankings.

At the time of writing, KAITO is trading at $2.34, while Bitcoin is down by 13% in the last seven days.