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It was a bad day for the Kadena coin project. I saw that KDA lost nearly 60% of its value in the last few hours — dropping from $0.23 to below $0.10 in just 90 minutes. The project's announcement to halt all commercial activities shocked the market.
Kadena was once a blockchain project that attracted attention with its hybrid PoW design and scalability promises. However, it has been struggling with liquidity issues and market pressure for a long time. The team stated that this shutdown was not due to a hack, but the outcome remains the same — a market capitalization of $268 million has vanished.
During this period when BTC and ETH also declined, we see that smaller projects like Kadena cannot withstand the pressure. The network will still operate, but commercial support has ended. The pressure in the crypto market has truly become serious.