Kaito AI Token Soars 50% Despite Influencer Sell-Off
The Kaito AI token has experienced a remarkable surge of nearly 50% following its highly anticipated airdrop on February 20. This rally comes despite significant selling pressure from prominent crypto influencers, raising questions about the token's future in the market.
Key Takeaways
- Kaito AI token rose over 49.5% post-airdrop, trading above $1.74.
- The token's market capitalization exceeded $421 million.
- Heavy selling by top influencers did not deter the token's upward momentum.
- Concerns about insider allocations and potential selling pressure were raised.
Overview of the Airdrop
Kaito AI, a platform that positions itself as the ultimate Web3 information hub, launched its airdrop on February 20, distributing 10% of its total token supply to participants. An additional 20% is earmarked for future airdrops and community incentives. This strategic move aimed to engage the community and enhance the token's visibility in the competitive crypto landscape.
Market Performance
In the 24 hours leading up to the publication of this article, the Kaito token saw a price increase of over 49.5%, trading at approximately $1.74. The market capitalization of the token has surpassed $421 million, indicating strong investor interest despite the selling activities of some key opinion leaders (KOLs).
Selling Pressure from Influencers
Notably, several high-profile crypto influencers received substantial allocations of Kaito tokens during the airdrop. For instance:
- Ansem: Sold $230,000 worth of Kaito tokens.
- Anthony Sassano: Sold his entire allocation valued at $185,000.
- Mert (Helius Labs CEO): Sold 80% of his allocation, worth approximately $340,000.
These sales raised concerns among analysts regarding the potential for increased selling pressure on the token. Onchain analysts highlighted that 43.3% of Kaito's total supply was allocated to insiders, with 35% designated for the team and 8.3% for early investors.
Industry Recognition
Despite the selling pressure, Kaito AI's technology has garnered positive attention within the industry. Marcin Kazmierczak, co-founder and COO of RedStone, a blockchain oracle solutions firm, expressed confidence in Kaito's offerings, stating that serious marketers would likely utilize the Kaito stack.
Caution Against Scams
As excitement around the Kaito project grows, so does the risk of scams. Fraudsters have begun creating fake airdrop claim pages to exploit unsuspecting investors. Kaito AI has shared its official airdrop claim page, which will remain open until March 22, to help users avoid falling victim to these scams.
Conclusion
The Kaito AI token's impressive rally amidst influencer selling pressure highlights the dynamic nature of the cryptocurrency market. As the project continues to evolve, its ability to maintain momentum and address concerns about tokenomics will be crucial for its long-term success. Investors are advised to stay informed and exercise caution in this rapidly changing landscape.