Why is Kadena (KDA) crypto gaining attention?

Highlights:

• The Kadena network, launched in 2016, was built solely to provide a scalable and efficient service for businesses.
• Its ecosystem consists of a public blockchain or Chainweb, which is a sharded layer-1 Proof-of-Work consensus-based blockchain with the pact.
• The KDA token is listed on several major exchanges like KuCoin, Gate.io, etc.

The blockchain has emerged to be a disruptive technology, having transformational potential on how businesses or institutions connect or transact. However, this technology should be fast, scalable, and systematic to be adopted by the masses.

One crypto named Kadena has gained traction as it claims to offer the speedy, efficient, and scalable operations. So, let's explore Kadena and the reason for its recent price surge.

Also Read: Why is sUSD (SUSD) gaining attention?

What is Kadena (KDA) crypto?

The Kadena network, launched in 2016 by Stuart Popejoy and Will Martino, was built solely to provide businesses with a scalable and efficient service. Notably, Stuart Popejoy previously led the blockchain group of JPMorgan Chase & Co., and Will Martino served as the tech lead for the SEC's crypto steering committee.

Its ecosystem consists of a public blockchain or Chainweb, which is a sharded layer-1 Proof-of-Work (PoW) consensus-based blockchain with the pact.

The pact is reportedly the safest smart contract language available to developers for writing directly on the blockchain. In addition to that, it eases the transactional logic through merging authorization, data management, and workflow functionalities.

Also Read: Why is Elrond (EGLD) crypto gaining attention?

Why is it rising?

The Kadena price has increased significantly in recent months, evident by the surge in its prices. Meanwhile, the unexpected increase of Friday could be due to Binance's announcement of listing Kadena (KDA) on its platform in the early morning.

The company also lauded the KDA token's listing announcement in the major platform.

Apart from Binance, the KDA token is also listed on several other major exchanges like KuCoin, Gate.io, OKX, etc.

Also Read: Why is THORChain (RUNE) crypto rising?

                                                          Source: *Data provided by CoinMarketCap.com

Bottom line:

The KDA token was priced at US$7.50 at 3:38 am ET on March 11, up 20.06%, while its volume for the last 24-hours skyrocketed 134.74% to US$108.67 million. It has a market capitalization of US$1.28 billion, and its fully-diluted market cap is over US$7.49 billion at the time of drafting.

The total and maximum supply of the token is 1 billion, and its current circulating supply is more than 171.28 million. The KDA token returned 1961.98% in the past 12 months.

It has the highest price of US$28.25 and the lowest price of US$0.2997 in the last 52 weeks.

Also Read: Why is RFOX (RFOX) crypto rising?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.