Trusted

Kaito Hasn’t Sold Any Tokens Since Ending Ties with the Market Maker

2 mins
Updated by Mohammad Shahid
Join our Trading Community on Telegram

In Brief

  • Kaito has not sold any KAITO tokens since February, following a dispute with Web3Port and criticism of its airdrop tokenomics.
  • Despite challenges, KAITO has surged over 150% in the past month, bolstered by exchange listings and staking rewards.
  • While the token's price has recovered, Kaito’s core product faces ongoing issues, with low-quality posts dominating its platform.
  • promo

Kaito, an AI social media tokenization project, claimed today that it hasn’t sold any tokens since February. It terminated its agreement with Web3Port, a market maker, over unspecified disputes.

Nonetheless, KAITO has staged a remarkable comeback in the past month, climbing more than 150% in 30 days. Exchange listings and token staking may help build momentum, but the core product still has issues.

KAITO Token Controversy and Market Maker Dispute

Kaito made headlines with its prominent airdrop in February, but things have been very rocky since. The airdrop’s tokenomics attracted harsh criticism from the community, and immense selling pressure quickly blunted its momentum.

Today, the firm claimed that it hasn’t actually sold any KAITO tokens since the controversial events in February:

Kaito also mentioned that its dispute with Web3Port had nothing to do with an unrelated controversy that rocked the company the following month.

Meanwhile, KAITO has been experiencing a major bullish cycle in the past month. The altcoin’s price increased by over 150% in the last 30 days.

kaito token price
KAITO One-Month Price Chart. Source: CoinGecko

It seems particularly noteworthy that KAITO made such a comeback, especially with the firm unable to directly sell its tokens. Still, it enjoyed several victories in this lull period, with major exchanges like Binance and Coinbase listing KAITO.

A few planned updates on May 6 may have helped out even more, as token price and trading volumes both shot up the following day.

In the same vein, Kaito announced the release of rewards for token staking less than two hours after the first statement. Community enthusiasts responded with a lot of hype, with users discussing how this could further incentivize platform growth.

Despite the speculative trading in recent markets, KAITO remains a utility token. The company set very ambitious goals for itself, using AI and tokenization to reward original and high-quality content on social media.

Staking rewards and exchange listings can help boost KAITO’s valuation, but users are still complaining that its core product needs a lot of work. Low-effort posts currently dominate its leaderboard.

All that is to say, it’s difficult to properly assess what the company’s long-term prospects look like yet. On one hand, Kaito’s token has staged a remarkable comeback despite community backlash and the failed Web3Port partnership. Kaito’s success at building utility will ultimately determine its long-term results.

Best crypto platforms in Europe
eToro eToro Explore
YouHodler YouHodler Explore
Arkham Arkham Explore
Wirex Wirex Explore
Best crypto platforms in Europe
eToro eToro Explore
YouHodler YouHodler Explore
Arkham Arkham Explore
Wirex Wirex Explore
Best crypto platforms in Europe
eToro eToro
YouHodler YouHodler
Arkham Arkham
Wirex Wirex
NEXO NEXO

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

image-10-1.png
Landon Manning
Landon Manning is a Journalist at BeInCrypto, covering a wide range of topics, including international regulation, blockchain technology, market analysis, and Bitcoin. Previously, Landon spent six years as a writer with Bitcoin Magazine and co-authored a Bitcoin maximalist newsletter with 30,000 subscribers. Landon holds a Bachelor of Arts in Philosophy from Sewanee: The University of the South.
READ FULL BIO
Sponsored
Sponsored