The Coin That Does Nothing… But Moon

Among the top 100 cryptocurrencies by market cap, Kaspa (KAS) saw the biggest gain over the past 24 hours - up 11%.

I’ve been watching this coin for a while now, and I still can’t wrap my head around it.

I'm used to seeing altcoins lose value against Bitcoin over the long run. I’ve written about this before.

And if that’s true, it seems obvious that shorting altcoins against BTC is one of the most straightforward strategies in crypto trading:

• Wait for the initial wave of hype around a new coin to fade;
• Make sure the second wave is weaker than the first;
• Then borrow the coin, swap it for BTC;
• Eventually, when the altcoin drops in BTC terms (as they usually do), you buy it back cheaper, repay the loan with interest - and keep the extra Bitcoin as profit.

If only it were that simple.
Kaspa completely breaks this logic.

• In its first 18 months (mid-2022 to early 2024), Kaspa’s price in BTC terms skyrocketed nearly 200x.
• Then came the long-expected correction.
• But moments like today keep happening: Bitcoin goes up 4%, and Kaspa jumps 11%. And every time, I start wondering - what if this is the start of another 200x rally?

And what’s most puzzling - there’s barely any fundamental demand.
It’s not a meme coin you’d collect for fun. It doesn’t really have real-world use cases either. I even asked in a Kaspa community what the coin is actually used for - and the honest answer was: “nothing yet.”

Kaspa truly is one of crypto’s wildcards. I have a feeling it’s not done surprising us.

Of course, you can always exchange Kaspa on rabbit.io - no signup needed, and at the best rates.