The rise and fall of Kadena Coin is a spectacle of its own. KDA was all the rage during the end of 2021 but is now nowhere in the 2022 picture. The Bitcoin crash in January was harsh on Kadena as it slumped -50.5%, wiping away all its profits of last year.
From a high of $27, it is now hovering around the $6 mark. Investors who took an entry position after November 2021, and still held on to KDA, have now suffered severe losses. For the uninitiated, Kadena Coin shot to fame after it jumped from $5 during the end of October to $27 on November 11. The drastic spike from $5 to $27 happened in just under 12 days making early investors reap all the profits.
It also dominated the Crypto Bubbles site in November and stayed at the top spot for seven consecutive days. Just when investors thought that KDA is headed for another bull run, its price came down crashing like a pack of cards. From its all-time high of $27, Kadena slipped to $23, then straightaway headed to $18. The coin mostly traded sideways throughout December but couldn’t withstand the market crash in January.
Its price got heavily battered from $18 and slipped to $5 at the start of the year. The market crash created a domino effect of panic selling as investors dumped KDA and jumped ship. The sell-offs further tanked its price, now struggling to claw back to its previous glory.
Is The Dip An Opportunity to Buy Kadena Coin?
Kadena Coin which launched on October 30, 2019, proudly touted itself as the ‘Ethereum killer’. KDA is a layer-2 blockchain of its own that enables developers to build quality decentralized applications on its platform. It also boasts of smart contract features and its language is called Pact.
In addition, KDA runs on Kuro, a layer-2 blockchain that supports 8,000 transactions per second. KDA is faster than its rival Ethereum and Solana, which run less than 20 TPS and 2,000 TPS, respectively.
The blockchain also released an entire roadmap for 2022 and aims to add new platforms to its ecosystem. The development involves having their own ”Wrapped native tokens”. They also stated that their ecosystem will be upgraded phase-wise this year.
The roadmap seems to be promising and KDA has real-world use-cases that solve problems that are plaguing the blockchain technology. KDA should be seen as a long-term investment that can deliver good results, as it sustainably scales up with its developments.
However, it is advised to wait for further dips as Kadena is not finding support in its present price. Another dip and holding on to it for the long term could be rewarding.
At press time, Kadena Coin (KDA) was trading at $5.94 and is down -3.6% in the 24-hours day trade.