A significant Kaspa wallet—holding 525,182,344 KAS (valued at approximately $56.6 million) and representing about 2.043% of the total supply—has been actively accumulating tokens since March 2024. This places the wallet among the top five by holdings.
A deeper dive
- Accumulation Trend:
The wallet’s continuous build-up of KAS over recent months indicates a strategic accumulation. The sustained nature of this activity has caught the eye of market observers. Since February the 10th this wallet accumulated another $2 million worth of KAS - Speculation on Centralized Exchange Involvement:
There is growing speculation that this accumulation might be linked to a centralized exchange preparing for a spot trading listing. Both Binance and Coinbase currently offer Kaspa futures trading, and increasing KAS volume could be a precursor to listing spot trading pairs. Even if the accumulation is not directly linked to either Binance or Coinbase, the scale of the activity still points to significant whale accumulation.
Implications
A notable accumulation by a large wallet could reduce circulating supply and, if demand rises, potentially contribute to upward price pressure. Moreover, if a major exchange does prepare to list Kaspa for spot trading, it could further increase visibility and trading activity.
While it remains to be seen whether the accumulation is a prelude to a spot listing on a major exchange, the current trend is certainly one to watch for those following Kaspa’s market developments.
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