Kaia (KAIA) is a newly launched crypto token that has captured attention today after experiencing a rise of more than 11%. It dominated the market gainers following merging two blockchain firms, Klaytn and Finschia, to create the Kaia coin.
Klaytn and Finschia Merge, Rebrand as Kaia
The Kaia coin emerged following the merger of Klaytn (Klay) and Finschia (FNSA) as a result of governance decisions by both networks. On February 15, 2024, the two projects proposed a chain merger to combine the technologies, services, and business strengths of Finschia and Klaytn, aiming to establish themselves as Asia’s top and most competitive blockchain.
The merger proceeded once the proposal received approval, with 95% support from Finschia and 90% from Klaytn. According to their claims, this merger will establish a consolidated network with around 420 DApp services and over 45 governance members.
The newly formed Kaia Chain project aims to bring Web3 access to hundreds of millions of users across Asia with its high-performance public blockchain. Its native token, the KAIA coin, has experienced a significant surge in value over the past 24 hours as excitement builds around this newly introduced cryptocurrency initiative.
Read more: Fetch AI (FET) Price: Death Cross Nears as the ASI Merger Starts
Why Kaia Coin Is Going Up
The Kaia coin is currently trading for $0.1362 on CoinMarketCap, having increased by 11.26% over the last day. It reached an all-time high of $0.1572 roughly 15 hours ago but has since decreased by about 12.79%.
Additionally, it has risen by 20.34% from its all-time low of $0.1139 recorded on October 29, indicating a blend of market stability and investor interest.
The heightened interest in the Kaia coin is evident from the significant jump in its trading volume. According to data, the trading volume has surged over 4123.06% to exceed $130 million. While this is modest compared to the trading volumes of larger altcoins, it represents an impressive milestone for a newly launched cryptocurrency.
Moreover, the rebranding has attracted attention from prominent crypto brands such as Binance and Crypto.com, further amplifying user interest in the newly branded token.
The Binance cryptocurrency exchange has confirmed the completion of the rebranding process from its former Klaytn (KLAY) tokens to Kaia ($KAIA), as announced on October 31, 2024.
Furthermore, Crypto.com has reported that the Kaia token is now available on its exchange platform and mobile application. As a result, users can purchase the KAIA cryptocurrency using USD, EUR, and more than 20 other fiat currencies.
Kaia ($KAIA) is now listed in the https://t.co/A7lhUEyoao Exchange!
💰Trade easily with USD, deposit and withdraw seamlessly via Kaia
Sign up to the Exchange 👉 https://t.co/GBTPzwV3F0 pic.twitter.com/kDtagTLH4K
— Crypto.com Exchange (@Cryptocom_Exch) October 30, 2024
Various crypto projects have recently undergone significant changes, including mergers and rebranding initiatives, to strengthen their market presence and potentially adapt to changing trends.
A notable example is the Artificial Superintelligence Alliance (FET), which incorporates a token merger between Fetch.ai, SingularityNet, and Ocean Protocol.
Read more: AI Coins See Subdued Trading Despite Bullish Signals: What’s Happening?
