Kaspa (KAS) experiences a 20% surge, aiming for a record-breaking high.
KAS, the native token of the proof-of-work cryptocurrency Kaspa, has surged by 20% as it approaches a potential all-time high in price.
As of now, Kaspa (KAS) has seen a 200% increase in trading volume and an 18% rise in price over the past 24 hours. The cryptocurrency has experienced a 25% increase in the last seven days and a 61% increase in the last 30 days, indicating a positive outlook for the altcoin this month.
According to CoinMarketCap, the token is currently ranked 26th in the global cryptocurrency list, with a trade price of $0.176. It has a circulating supply of approximately 23,828 million KAS tokens and a market capitalization of $4.09 billion.
Kaspa is a cryptocurrency that aims to provide a high-performance, scalable, and secure blockchain platform. Its unique feature is the GhostDAG protocol, which allows for faster block times and higher transaction throughput compared to traditional blockchains. Unlike standard blockchains, GhostDAG does not create orphan blocks, but instead allows them to coexist while maintaining consensus.
The recent price increase follows a post on June 3 by trader Christian Ludwig, who highlighted several potential catalysts that could drive the price of Kaspa up to $1 in the coming months. These include the introduction of Kaspa KRC20 smart contracts, the potential for Kaspa to become a leading stablecoin transfer network, the integration of the Ethereum Virtual Machine, and an upcoming Blockdag upgrade that will significantly enhance network speed.
On May 30, Kaspa’s hashrate reached approximately 300 PH/s, which is still a fraction of Bitcoin’s hashrate but around 20 times higher than Ethereum Classic’s, making it more resistant to attacks.
Kaspa’s network is based on one of Satoshi Nakamoto’s earlier concepts, with a faster currency production schedule and more frequent halvings. The total supply of KAS will be capped at 28.7 billion coins, with a halving occurring every year. Currently, over 23 billion coins have already been produced, accounting for more than 82% of the total supply. This means that the competition to mine the remaining coins will intensify, and miners will need to cover their costs through fees.
The majority of KAS trading takes place on platforms like ByBit, Gate.IO, and KuCoin, with the crypto community hoping for a listing on Binance. As Kaspa’s popularity grows, miners may accumulate coins in anticipation of positive price movements.
Due to its large supply, KAS is quite noticeable, nearly making it into the top 25 assets by market capitalization.
Approximately 500,000 addresses currently hold Kaspa, with more than a “dust” amount. However, adoption of Kaspa has been slow in 2024 as people show more interest in meme tokens, which are easier to obtain.
The Kaspa community expects the price to reach $1 from its current levels. However, this can only happen if L1 narratives regain prominence. Kaspa’s blockchain utilizes its DAG structure, speed, and mining capabilities to increase its influence. However, the network is still lagging behind in terms of token creation and value-generating projects.
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