Kaspa’s long‑term holder supply has reached a new all‑time high, according to data shared by Kaspa Daily. The proportion of KAS that hasn’t moved in over a year has climbed to nearly 50%, up from about 15% in late 2023, signaling strong conviction even through a steep price correction that took the token from above $0.15 to around $0.03. This tightening of liquid supply, combined with accelerating network usage, is building a fundamentally stronger base for the project. Daily transactions have surpassed 2.1 billion, while the network’s 10‑blocks‑per‑second throughput and a near‑complete emission schedule (95.55% of the 28.7 billion KAS cap already mined) are reducing future sell pressure. The block reward has dropped to just 2.75 KAS, reinforcing the asset’s deflationary structure.
Attention is now turning to the upcoming Toccata hard fork, expected between June 5 and June 20, 2026. It will introduce KRC‑20 tokens, SilverScript smart contracts, zero‑knowledge verification, and Covenants – a feature that allows users to attach programmable rules directly to KAS transactions. With Covenants, funds can be locked until a future date, restricted to approved wallets, or programmed with automatic refunds and multi‑signature requirements, effectively turning KAS into “smart digital money” without sacrificing the speed of its BlockDAG architecture. This balance could position Kaspa as a fast, programmable Layer‑1, potentially attracting DeFi applications after launch.
Despite these fundamentals, the KAS price remains in consolidation around $0.038 after a 15.67% monthly gain. Chart analysis shows a rejected move toward $0.041, a declining RSI, and fading bullish momentum, yet buyers have consistently defended the $0.036‑$0.037 support zone. A separate valuation debate, sparked by analyst Andrew J, challenges the idea that Kaspa’s $1 billion market cap has limited upside. He compares it to gold’s $35 trillion, global equities’ $140 trillion, and Bitcoin’s $2 trillion, arguing the market hasn’t priced in Kaspa’s fast finality, fair launch, or Proof‑of‑Work security. Moving to a Bitcoin‑sized valuation would represent thousands of times in growth, though such a scenario hinges on wider adoption and recognition as a store of value – outcomes that remain uncertain.
