Kaspa (KAS)

A proof-of-work layer one with clean tokenomics and a chart that has forgotten its own high.

Crypto Score: 57/100 (B) — Hold

Data retrieved 2026-11-13T06:12:02.246Z · Sources: CoinGecko, Alternative.me Fear & Greed

Kaspa is a proof-of-work layer one built around a blockDAG rather than a linear chain, letting blocks sit in parallel instead of queuing behind one another. Holders own it because the supply schedule is unusually honest — a hard cap, almost everything already circulating, a fully diluted valuation that barely separates from the market cap — and because the throughput argument is genuine at the protocol level. It is a store-of-value-flavoured chain trying to earn a smart-contract platform narrative on top.

The composite lands at a grade B with a Hold signal, and the split between dimensions is the entire story. Tokenomics quality is the strongest of the five; technical setup is the weakest, and by a distance. On-chain health and fundamental strength are both merely fair. Four inputs — TVL, protocol fee revenue, public development activity, protocol revenue — could not be measured here at all, which pulls the score toward neutral and means the grade should be read as a floor on confidence rather than a verdict.

Bull case

  • The supply picture is about as clean as this sector produces: a hard cap, essentially the entire float already circulating, and a fully diluted valuation that barely separates from market cap. Dilution is not the risk here.
  • The blockDAG design is a real architectural departure from linear chains, and it is the reason throughput and confirmation latency are the argument someone holds this for rather than a marketing slogan.
  • Market-wide sentiment sits at extreme fear, which historically compresses the gap between a token's fundamentals and its price — the tokenomics are measured independently of mood and have not changed.
  • Market-cap rank has held firm enough to register as fair fundamental strength despite the drawdown, suggesting the asset has retained institutional memory even as the chart has not.

Bear case

  • The chart is the problem and it is not subtle: price below both the fifty-day and two-hundred-day averages, and a long way below the all-time high. Momentum is weak across the week, the month and the year, simultaneously.
  • Four of the metrics a full reading would rely on — TVL, protocol fee revenue, public development activity, protocol revenue — were not measurable for this token. The score is built on partial data and pulled toward neutral; it is not evidence of balance.
  • On-chain health rests on volume-to-market-cap turnover alone. Without fee revenue or development activity to corroborate, "fair" is a description of trading, not of the chain.
  • A hard supply cap means nothing if demand does not arrive. Tokenomics constrain the downside from dilution but cannot manufacture usage, and the momentum data is unambiguous about which way demand has been running.

Verdict

Kaspa is for someone who believes in the blockDAG architecture and the supply discipline and is willing to wait for the market to agree; it is not for anyone using this chart as their timing instrument. The signal is Hold, which describes a mixed score rather than an instruction. What would change the reading is simple and specific: price reclaiming the two hundred-day average would lift the weakest dimension off the floor and let the tokenomics argument carry more of the weight. Until then, treat the grade as provisional — half the dashboard is dark.

Research, not financial advice. Every figure above is a point-in-time reading from the named sources. Cryptocurrency is highly volatile and you can lose your entire position. Nothing here is personalised advice or a prediction. Full disclaimer