Why is the KAVA price rising as the crypto market bleeds?

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.

Timeline of Kava

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.

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