KAVA’s price jumped more than 40% reaching highs of $1.56 on Binance despite the overall market lull, and it currently trades around $1.17. The token’s value was up nearly 63% in the past 30 days, with no clear trigger for the surge. However, a few major developments in recent weeks, such as the launch of the KAVA 13 mainnet and the announcement of a new integration with the leading data indexing platform SubQuery, might have contributed to the spike.
The chart below shows KAVA price jumped more than 40% on Tuesday morning.
Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView
Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). It offers a data-as-a-service solution that allows users to focus on core project use cases and the front-end, without having to first build a custom backend for data processing. Furthermore, the blockchain developer toolkit is available for Web3 developers across Ethereum, Polygon, BNB, Flare, NEAR, Polkadot, Avalanche, and Algorand.
Kava also announced a $5000 giveaway as it celebrated the launch of NFTs and GameFi on its chain. To participate, users need to follow both @PvPGameHub and @KAVA_CHAIN, like and retweet the tweet, and tag 3 friends with #KAVA.
The current sell-off pressure of the KAVA/USD pair can be a result of profit takers, and the token’s value might retreat to support at $1.10 or lower if current levels near $1.20 fail to hold. On the other hand, a further uptick across the market or a new pump based on KAVA news could see buyers target a retest of the multi-month high.
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Categories
Crypto
Tags
KAVA, SubQuery, NFTs, GameFi, Cosmos
