-
Kadena pumps after Binance listing.
-
Profit-taking has triggered a minor correction, but overall momentum is bullish.
-
Kadena’s core metrics as a platform blockchain are behind its strength.
Kadena (KDA) is one of the best performers today and is currently up by over 14%. This follows news that the KDA token was now listed on Binance, the world’s largest exchange by volumes,
The Binance listing is a big deal, as it opens up Kadena to an even wider range of investors. This means higher volumes and higher demand once the money flows back into the crypto market.
However, it is not just the Binance-driven pump that makes Kadena a worthwhile investment. Kadena is one of the lowest fees platform blockchains and can scale well. Kadena is also one of the safest platform blockchains in the market because, like Bitcoin, it runs on a Proof-of-Work algorithm. This makes it perfect for companies that want to build sophisticated financial solutions that require a high level of security.
Interestingly, while Proof-of-Work has been getting a lot of bad rap lately due to energy consumption, Kadena does not have this problem. That’s because, in the Kadena Proof-of-Work algorithm, the cost does not increase with use. This helps it combine the safety of PoW with the efficiency that other blockchains get from Proof-of-Stake.
This is one of the big factors contributing to Kadena’s rise in adoption and price over the past year.
Kadena Profit-taking triggers correction.
Source: TradingView
Hours before the Binance listing, Kadena’s price pumped hard. However, a few hours later, the price entered a correction as traders took profits in anticipation of a post-news dump.
Bulls seem to be regaining control, though, an indicator that investors are still buying into Kadena in anticipation of even more gains. With Bitcoin now pushing back above $40k resistance, Kadena could easily retest the week’s high of $8.30.
Summary
Kadena pumped after the Binance listing. While the price has since dropped due to profit-taking, it seems to be stabilizing again. This indicates that the underlying demand is strong despite the price taking.