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 last 24 hours. Over the past seven days, the cryptocurrency asset has gone up by 25%, and in the last 30 days, it has increased by 61%, indicating a positive outlook for the altcoin in the current month.
According to CoinMarketCap, the token is now ranked 26th on the global cryptocurrency list, with a trading price of $0.176, 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 offer a high-performance, scalable, and secure blockchain platform. One of Kaspa’s key features is its utilization of the GhostDAG protocol, which allows for faster block times and increased transaction throughput compared to traditional blockchains. Unlike regular blockchains, GhostDAG does not produce orphan blocks in parallel, allowing them to coexist while maintaining consensus.
The recent price surge follows a post by trader Christian Ludwig on June 3, highlighting potential factors that could drive Kaspa’s price up to $1 in the coming months. These factors include the introduction of Kaspa KRC20 smart contracts, the potential for the Kaspa network to become a leading stablecoin transfer network, the integration of the Ethereum Virtual Machine, and an upcoming Blockdag upgrade that could significantly enhance network speed.
On May 30, Kaspa’s hashrate reached around 300 PH/s, which is still a fraction of Bitcoin’s hashrate but significantly higher than Ethereum Classic’s. The network is based on one of Satoshi Nakamoto’s earlier concepts, with a faster currency production schedule through more frequent halving events.
Currently, more than 23 billion coins out of a maximum of 28.7 billion coins have been mined, accounting for over 82% of the total supply. Miners will face increased competition to mine the remaining coins, necessitating the covering of costs through fees.
The majority of KAS trading occurs on platforms like ByBit, Gate.IO, and KuCoin, with hopes for a potential listing on Binance. As interest in Kaspa grows, miners may seek to accumulate coins in anticipation of further price increases.
Despite its large supply, KAS has gained significant visibility, nearly breaking into the top 25 assets by market capitalization. Kaspa has been distributed to around 500K addresses, but adoption has been slow due to the allure of meme tokens, which are easier to obtain.
The Kaspa community is optimistic about a price increase to $1 from current levels, but this can only happen if L1 narratives take center stage. Kaspa’s blockchain leverages its DAG structure, speed, and mining capabilities to enhance its impact, but it still lags in token creation and value-generating projects.
In other news, Stargate Finance (STG) has surged by 77% following its listing on Upbit and the launch of V2.