Kaito Token Reaches $1.9B Market Cap as Influencers Dump Airdrop Allocations

en reached a fully diluted market capitalization of $1.9 billion following initial selling pressure after Thursday’s airdrop claims and exchange listings.

After Thursday's airdrop claims and exchange listings, the KAITO token quickly reached a fully diluted market capitalization of $1.9 billion despite initial selling pressure.

Kaito tracks posts from well-known crypto personalities on X to provide a summary of hot topics within the community. It has rewarded these individuals with yaps over the last three months for posts that it identifies as generating valuable engagement among this group. Those "yappers" were given KAITO tokens during yesterday's airdrop.

There are a total of 1 billion KAITO tokens. Of these, 10% were set aside for the pre-listing community and ecosystem airdrop, and CEXs are currently trading about 24% of the supply.

According to Dune Analytics, 29.21% of the total supply has been claimed to date, with 71,929 total claiming accounts. More than 3.8 million of the airdropped KAITO tokens have been staked.

While roughly 70% of claimants received less than 50 tokens, one wallet address, "0x433 ... e5786," claimed nearly 560,000 tokens alone — currently valued at over $1 million.

According to blockchain data tracking company Arkham Intelligence, several key figures in the broader crypto community sold off their substantial KAITO airdrop allocations following the airdrop.

The platform noted that crypto analyst and investor Zion Thomas, who goes by the pseudonym Ansem, sold his entire $230,000 KAITO allocation, while Helius Labs CEO Mert Mumtaz, the second-largest KAITO claimant with $340,000 in tokens, sold 80%. Anthony Sassano, an Ethereum influencer, also sold off his entire $185,000 KAITO allocation.

These large sales caused an initial drop in the token's price from $1.40 to around $0.90 in the hours following the airdrop. However, the token rebounded and is now trading at $1.96 as of 6 A.M. ET for KAITO.