Kaito surged by 26%, fueled by its listing on Upbit, adding to its growing presence on major centralized exchanges.
Upbit has just listed Kaito (KAITO) on its KRW, BTC, and USDT markets, with deposits only available through Base—other networks are not supported. Buoyed by the listing, KAITO is up 25% in the past 24 hours, trading at $1.82 at press time, with 24-hour trading volume of $996 million, up by 108%.
Though the Upbit listing is a significant milestone for Kaito, it’s not the first major exchange to list the token. Binance, Coinbase, Kraken, OKX, Gate.io, Bybit, and MEXC all listed KAITO on Feb. 20, coinciding with the token’s generation event and the start of its airdrop campaign.
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Speaking of airdrop, 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.
Source: Dune Analytics
As far as Kaito’s recent price performance is concerned, after the late Feb. rally that propelled KAITO to its 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.
Source: crypto.news
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