KAS, the Native Token of the Proof-of-Work Cryptocurrency Kaspa, Has Soared 20% as Its Price Nears a Potential All-Time High

At the time of writing, Kaspa (KAS) has experienced a 200% increase in trading volume and an 18% increase in price during the previous 24 hours.

The native token of the proof-of-work cryptocurrency Kaspa, KAS, has soared 20% as its price edges closer to a potential new all-time high.

At the time of writing, Kaspa (KAS) has seen a 200% increase in trading volume and an 18% increase in price over the past 24 hours. The cryptocurrency asset is up 25% over the past seven days and a total of 61% in the last 30 days, showing a bullish outlook for the altcoin this month.

The token now ranks as the 26th cryptocurrency globally, trading at a price of $0.176, with a circulating supply of around 23,828 million KAS tokens and a market capitalization of $4.09 billion, according to CoinMarketCap data.

Kaspa is a cryptocurrency that aims to provide a high-performance, scalable and secure blockchain platform. What sets Kaspa apart is its use of the GhostDAG protocol, which allows for faster block times and higher transaction throughput than traditional blockchains. Unlike standard blockchains, GhostDAG does not create orphan blocks in parallel. Instead, GhostDAG allows them to co-exist while enforcing consensus.

The latest price surge comes after a June 3 X post by trader Christian Ludwig, who highlighted potential catalysts that could drive the price of Kaspa as high as $1 in the coming months. Some of the catalysts mentioned include the introduction of Kaspa KRC20 smart contracts, the potential for the Kaspa network to become the next best stablecoin transfer network and the integration of the Ethereum Virtual Machine, bringing the ETH network to Kaspa, as well as an upcoming Blockdag upgrade that will increase the network speed by up to 10 times.

Earlier on May 30, Kaspa’s hashrate had grown to approximately 300 PH/s, which is still a fraction of Bitcoin’s hashrate. However, the rate is around 20 times higher than Ethereum Classic’s hashrate, making it harder to attack.

Kaspa’s network is based on one of Satoshi Nakamoto’s earlier concepts, where the creation schedule for Bitcoin was set to be much shorter. This idea led Kaspa to feature rapid coin generation, with halvings occurring more frequently.

Kaspa will have a total coin supply of 28.7 billion at max, with a halving occurring every year. At the current hashrate, over 23 billion coins have already been generated, which is more than 82% of the total supply. Competition will increase to mine the remaining coins, and miners will have to cover their costs through fees.

Most KAS trading occurs through ByBit, Gate.IO and KuCoin, while the crypto community is hoping for a Binance listing. As Kaspa gains popularity, miners might be attempting to accumulate coins in anticipation of positive price movements.

Due to its large supply, KAS is notably placed, barely missing out on the top 25 assets by market capitalization.

Kaspa has been distributed to around 500K addresses that hold more than a “dust” amount. However, people are slowly adopting Kaspa in 2024 as their main interest lies in meme tokens, which are easier to acquire.

The Kaspa community is expecting a $1 price to come from current levels. However, KAS can only continue to rally if L1 narratives return to the forefront. Where Kaspa’s blockchain leverages its DAG structure, speed and mining to boost its influence, the network is still lacking in token creation and value-generating projects.