Kaito, an AI social media tokenization project, today claimed that it has not sold tokens since February. We have concluded an agreement with market maker Web3port over an unspecified conflict.
Despite this, Kite made an astonishing comeback in the past month, rising over 150% in 30 days. Exchange lists and token staking can help you gain momentum, but the core products still have issues.
Kaito Token controversy and market maker controversy
Kite made headlines with a prominent airdrop in February, but things have been very rocky ever since. AirDrop's tocononomics attracted harsh criticism from the community, and immeasurable sales pressure quickly blew away.
Today, the company claimed it has not actually sold kite tokens since the controversial event in February.
Kaito also said the dispute with Web3port had nothing to do with the unrelated controversy that shook the company the following month.
Meanwhile, Kite has been experiencing a major bullish cycle over the past month. Altcoin prices have risen by more than 150% over the last 30 days.
Kaito Monthly Price Chart. Source: Coingecko
It is particularly noteworthy that Kite made such a comeback, especially since companies cannot sell tokens directly. Still, we enjoyed some wins in this lull as major interactions like Binance and Coinbase list Kaito.
Some planned updates on May 6 could have helped a lot more as the token price and trading volume were shot the next day.
Similarly, Kite announced the release of the token staking release within two hours of the initial statement. Community enthusiasts responded with a lot of hype, and users discussed how this could further encourage the growth of the platform.
Despite recent speculative trading in the market, Kite remains a utility token. The company has set highly ambitious goals to use AI and tokenization to reward original and high-quality content on social media.
Betting rewards and exchange lists can help boost Kaito's ratings, but users complain that its core product requires a lot of work. Right now, low-effort posts dominate the leaderboard.
Needless to say, it is difficult to properly assess what a company's long-term outlook still looks like. On the one hand, Kite's tokens have made an incredible comeback despite community backlash and failing to partner with Web3port. Kite's success in building utility will ultimately determine its long-term outcome.
