Kadena Enjoys Wider Adoption, Price Rises by 30%

At a time when most blockchain networks have shifted or are planning to shift to Proof of Stake and other less energy-consuming consensus models, Kadena remains one of the few PoW blockchains, and it’s truly enjoying the moment.

Kadena Spikes by 30% in 24 hours

The native token of the blockchain has seen a 30% rise in the past 24 hours as it finally found support after a massive pullback from its historic highs.

The token witnessed a major spike in the last two weeks that led to it reaching an all-time high of $28.25 in the second week of November, but it soon came crashing down, dropping below $9 before it finally found the much-needed support for a pullback. In the past 24 hours, the token has gone from around $9.28 to as high as $14.17 and is currently at $13.92.

The platform is a scalable Layer 1 PoW blockchain that can execute up to 480,000 transactions per second. According to the project, this ability is due to its use of “braided chains.” 

Available data from CoinMarketCap shows that the token has been steadily rising in value since the end of January 2021, when it was worth less than $0.2. The steady rise saw its first massive jump in price in October, followed by even more spikes in November that allowed the token to reach its ATH. 

But it soon dropped back in value before finally picking up again. In the past year, the cryptocurrency has seen an increase of up to 6,500% in its value.

What is Pushing Kadena’s Rise?

Several factors might be responsible for this rise in value. One of such is the launch of Wrapped KDA (wKDA) on Ethereum, finally allowing Defi compatibility on the blockchain network. 

Another reason for its price growth is the token’s ability to support NFT projects. You’ll note that the NFT space has seen a surge in recent times as more crypto enthusiasts and individuals have shown interest in the space. With its “crypto gas feature,” NFT projects are able to fund their users’ gas payments when they meet certain conditions.

In addition, some exchanges like Crypto.com and CoinMetro now allow their users to stake the crypto asset. This has drastically led to the level of increased interest in the digital coin.