KAS, the native token of the proof-of-work cryptocurrency Kaspa, has surged by 20% as its price approaches a potential all-time high.
Currently, Kaspa (KAS) has seen a 200% increase in trading volume and an 18% price hike in the last 24 hours. Over the past seven days, the cryptocurrency has climbed by 25%, and in the last 30 days, it has grown by 61%, indicating a positive outlook for the altcoin in the upcoming month.
As per CoinMarketCap, the token is now ranked 26th globally in the 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. Its key feature is the utilization of the GhostDAG protocol, which allows for faster block times and increased transaction throughput compared to traditional blockchains. GhostDAG enables blocks to coexist without creating orphan blocks in parallel, promoting consensus.
The recent price surge follows a June 3rd post by trader Christian Ludwig, who highlighted potential catalysts that could drive Kaspa’s price up to $1 in the near future. These catalysts include the introduction of Kaspa KRC20 smart contracts, the potential for the Kaspa network to become a leading stablecoin transfer network, integration of the Ethereum Virtual Machine, and an upcoming Blockdag upgrade to enhance network speed significantly.
On May 30, Kaspa’s hashrate reached around 300 PH/s, a fraction of Bitcoin’s hashrate but about 20 times higher than Ethereum Classic’s, making it more resilient to attacks.
Kaspa’s network is based on Satoshi Nakamoto’s earlier concepts, with a faster currency production schedule due to more frequent halving events. The total supply of Kaspa will not exceed 28.7 billion coins, with halving occurring annually. With over 82% of the total supply already mined, miners will face increasing competition to cover costs through fees.
Most 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 accumulate coins in anticipation of price appreciation.
Despite its substantial supply, KAS is becoming increasingly visible, approaching the top 25 assets by market capitalization. With approximately 500K addresses holding Kaspa, the community expects a price rise to $1. However, for this to happen, L1 narratives must take center stage, leveraging Kaspa’s DAG structure, speed, and mining capabilities to enhance its impact.
Although the network lags in token creation and value-generating projects, Kaspa enthusiasts remain optimistic about its future growth potential.