KAITO plunges 19% after X blocks API access; $14.16 million locked up
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Summary
- After news that X revoked API access, KAITO reportedly plunged about 19% on Binance’s USDT market.
- Market jitters are said to be rising as 25,798,188 tokens (about $14.16 million) staked on the KAITO network remain locked up.
- The market is reportedly focusing on the possibility of a large wave of selling after the seven-day unstaking waiting period ends.
Social media platform X has revoked API access for an “InfoFi” application, sending the price of the related token, KAITO, sharply lower.
On the 15th (local time), KAITO fell about 19% on Binance’s Tether (USDT) market after news broke that X had blocked API access. The policy change has made it difficult to sustain “Yaps,” KAITO’s core service, as Yaps has used X data to reward users for posting activity.
Concerns are also growing that investors’ assets are locked up, adding to market anxiety. A total of 25,798,188 KAITO is currently staked (deposited) on the KAITO network, worth about $14.16 million at current prices. There are 17,754 wallet addresses participating in staking, with an average holding of 589 KAITO per person.
Even though the value of those tokens has already declined, they cannot be cashed out immediately. Under KAITO’s unstaking policy, users must go through a seven-day waiting period to retrieve their funds. The market is watching the possibility that a large wave of sell orders could hit once the waiting period ends in seven days.
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