Kadena, native token KDA, has seen its price jumping to new heights despite weakness in the wider crypto market. The price of KDA, as per TradingView, gained 40% from a low of $5.94 on March 11 to $8.28. Its 24-hour trading volume surged 784% to $325 million.
Analysts attributed the price growth to KDA’s new listing on Binance, the launch of the first decentralized exchange on the Kadena network, and upcoming plans, including NFT and wrapped native tokens.
After the network’s announcement that it was going live on Binance, KDA’s 24-hour trading volume jumped from an average of $38 million to $325 million on Friday. KuCoin exchange recorded high trading volume. It saw $117.4 million worth in trader occurring before KDA went live at Binance.
Kaddex is the first decentralized exchange, the first to offer gas-free trading, on the Kadena network. Moreover, the network is teaming up with Simplex to bring fiat on-ramp services into the Kadena DeFi. It should be noted that Hypercent Launchpad, a platform that facilitates the launch of the verified projects, recently integrated with Kadena.
Furthermore, crypto enthusiasts and analysts are also awaiting Kadena to launch Marmalade – a native NFT standard. The market is looking out for wrapped native tokens like kETH, kBTC, and kUSD.