Kaito (KAITO) experienced a notable 26% surge in value, driven by its recent listing on the popular South Korean exchange, Upbit. The token, now available in Upbit’s KRW, BTC, and USDT markets, saw a dramatic increase in trading activity, with deposits limited to the Base network.
At press time, KAITO is trading at $1.82, reflecting a 25% rise over the past 24 hours. Trading volume has also spiked to $996 million, marking a 108% increase. This listing on Upbit further strengthens Kaito’s growing presence on major centralized exchanges.
However, the Upbit listing is not the first major exchange to offer KAITO. The token was also listed on Binance, Coinbase, Kraken, OKX, Gate.io, Bybit, and MEXC on February 20, coinciding with its generation event and the launch of an airdrop campaign.
The airdrop itself saw the top 12 claimants receive a combined $3.3 million worth of KAITO tokens. However, 10 of these top claimants have already liquidated most of their holdings, with eight completely exiting their positions shortly after the airdrop. According to data from Dune Analytics, 15.7% of airdrop claimants still hold their KAITO tokens, while the vast majority—83.4%—have sold or transferred their holdings. A small number of addresses have increased their positions, indicating that many airdrop participants opted to cash out quickly rather than hold for long-term growth.
Following a rally in late February that saw KAITO reach an all-time high of $2.10 on February 27, the token experienced a sharp correction, pulling back to around $1.50 by early March. At the time of writing, KAITO is trading slightly below its 21 EMA ($1.86), which acts as a key dynamic resistance level. A break above this level could signal a potential reversal, while failure to maintain support could push the price lower toward the $1.50 range. However, the recent uptick in trading volume, likely driven by the Upbit listing, suggests strong buying pressure, with resistance looming around $2.00-$2.10.
With most top airdrop claimants having cashed out, KAITO’s price now seems to have stabilized, providing a potentially stronger foundation for future price action if demand from traders persists.
Related Topics:
