KAVA Paints 40% Spike, Here's Reason Behind It

In an unexpected manner, KAVA has marked a massive 40% surge, outperforming other digital assets and becoming the biggest growth story of the day. However, the reasons behind this extraordinary rise remain elusive, leading to uncertainty about the future prospects of this token.

Timeline of Kava

South Korean exchange UPbit affirmed that the Digital Asset Exchange Association (DAXA) removed investment warnings on WAVES and KAVA and resumed deposits for these assets, according to a May 23 statement. DAXA issued warnings about WAVES and KAVA last year when stablecoins linked to them were discovered to be “not normally linked to 1 dollar”.

Binance, the world's leading cryptocurrency exchange, has revealed plans to back Terra Classic's v2.0.1 and Kava 13 mainnet upgrades. Meanwhile, the trading platform will halt deposits and withdrawals of USTC and LUNC today, 17 May. The same applies to KAVA.

KAVA, the utility token of decentralized blockchain Kava, has been on a strong bullish trend in the last few days. The cryptocurrency maintained this momentum despite the bearish market sentiment in the past week, garnering an impressive 31% price gain.

The crypto market has been on the decline in the last few days even as meme coins like PEPE and LADYS staged staggering price surges. The leading cryptocurrencies by market cap have been the worst hit by the bear market leaving only three major tokens (KAVA, Bitcoin SV, and FLOKI) in the green.

While the rest of the crypto market remained muted over the last day with losses, KAVA has gone against the trend. The cryptocurrency is currently trading in the green with double-digit gains over the last day.

Kava network's governance token, KAVA, has registered massive gains amid the ongoing market-wide rally. The token has risen drastically, even when most coins surrendered to the just-faded bearish trend.

Amid the bearish crypto market, the KAVA token emerged as the top daily gainer with a 10.29% over the past 24 hours. The crypto market is currently dancing to tunes played by the bears as depressing sentiments push coin prices toward bottoms.

The KAVA price has risen to $1.03 today, representing a 9% jump in the past 24 hours, as the wider cryptocurrency market suffers its first notable drop in over a week. KAVA's current price also represents a 38% gain in seven days and 52% jump in the last 30, with the layer-one coin surging mostly because of yesterday's announement that Coinbase will be listing it.

San Francisco, United States, 26th October, 2022, Chainwire The Kava Network, an open-source, EVM and Cosmos IBC compatible, Layer-1 blockchain ecosystem, successfully implemented its Kava 11 mainnet upgrade on October 26th. Kava, a Layer-1 blockchain network connecting EVM and Cosmos through its Co-Chain architecture, successfully launched its Kava 11 mainnet upgrade on October 26th at 15:00 UTC.

Kava 11 Liquid mainnnet will go live on Wednesday at 16:00 UTC, here's everything you need to know on what the launch brings to the ecosystem. The post Kava 11 Liquid Goes Live in 24 Hours – Everything You Need to Know appeared first on BeInCrypto.