Kaspa (KAS) has recently outperformed major Layer 1 blockchains like Solana (SOL) and Ethereum (ETH) in a significant on-chain metric. However, despite this achievement, the price of KAS has remained relatively unchanged.
This development has caught the attention of the crypto community, with prominent figures such as Yoriichi Tsugikuni and Crypto Prose taking to social media to discuss Kaspa’s unique position in the blockchain space.
### Kaspa Outpaces Solana and Ethereum
According to crypto analyst Yoriichi Tsugikuni, Kaspa’s KRC-20 transactions have hit an all-time high, surpassing the transaction volumes of both Solana and Ethereum.
“ Proof of Work L1s can’t handle a high throughput & can’t scale, PoS FTW 🤡
Enter $KAS 🗿
Kaspa is either proving that sacrificing your Security and Decentralization for scalability isn’t THE only way to achieving peak performance OR that there is ONE exception to that rule… pic.twitter.com/vMrPuWHvC5
— Yoriichi Tsugikuni (@YorichiiCrypto) September 18, 2024
Over 13 million transactions were processed on Kaspa, compared to 4 million on Solana and 1.1 million on Ethereum. This demonstrates Kaspa’s potential as a Proof of Work (PoW) blockchain capable of handling high throughput without compromising decentralization or security, unlike many Proof of Stake (PoS) networks.
Tsugikuni’s analysis suggests that Kaspa may be challenging the widely held belief that scalability can only be achieved by sacrificing other critical blockchain elements. The network has shown resilience under significant transaction load, further highlighting its scalability.
### KAS Price Stays Flat Despite Transaction Surge
While Kaspa’s transaction volume has surged, its price has remained relatively stable. According to CoinGecko, at the time of writing, [Kaspa is trading at $0.1729](https://www.coingecko.com/en/coins/kaspa), reflecting a 0.58% increase over the last 24 hours and a 2.04% gain over the past week.
This price trend is not unusual for Kaspa, as it has historically shown a tendency to move contrary to broader market trends. In the past, Kaspa has experienced price increases during market downturns, a pattern that investors may be monitoring closely.
Despite the recent on-chain performance, the market has responded calmly to these developments. This suggests that Kaspa’s market dynamics may not immediately reflect its technical achievements.
### Strong Holder Base Adds Stability
Another key insight into Kaspa’s current state comes from Crypto Prose, who revealed that 7.04% of Kaspa’s supply has remained unmoved for over two years, reaching an all-time high.
The percentage of #Kaspa’s supply not moved over the last 2 years has broken an ATH reaching 7.04%.
In other words, ~1.73 billion $KAS has not moved at all over the last 2 years and it’s increasing. These holders are not willing to sell soon, not even at $1.
What’s your… pic.twitter.com/x8SeN2VBV4
— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐫𝐨𝐬𝐞𝐥𝐲𝐭𝐞 (@Crypt0Proselyte) September 19, 2024
Approximately 1.73 billion KAS tokens are held by long-term investors who have not moved their holdings, even as the token approaches the $1 mark. This strong base of long-term holders may indicate confidence in Kaspa’s future potential, providing stability as”
Source: captainaltcoin.com