Kin crypto is a cryptocurrency developed by Kik Interactive Inc. for use within its digital ecosystem. Let's talk about its pro's and con's here.
Who Is The Founder Of Kin Coin?
In 2017, Canadian messaging app company Kik introduced the Kin (KIN) digital currency project to facilitate microtransactions and tipping on social media platforms and other digital applications. Kik faced regulatory challenges, and the initial coin offering (ICO) for Kin raised concerns from securities authorities in Canada and the United States.
Is Kin Crypto A Good Investment?
Initially an ERC-20 token, Kin migrated to its own Kin Blockchain (forked from Stellar) and later transitioned to Solana due to scalability issues.
In 2019, Kik was acquired by MediaLabs, but Kin encountered declining developer support in 2021, along with complex tokenomics, leading to challenges for KIN.
However, there were positive developments as KIN crypto was listed on several significant cryptocurrency exchanges in 2021, including CoinSpot, a major Australian exchange, resulting in a surge in trading volume in September, albeit not sustained.
Kin crypto has a circulating supply of approximately 1.737 trillion tokens out of a maximum volume of 10 trillion, resulting in a large number of zeros in its discussions. Each individual Kin token has a very small value of $0.000013, which means that a cup of coffee would cost around 100,000 KIN.
The large circulating supply has psychological reasons behind it. Unlike Bitcoin (BTC), Kin (KIN) is designed not only as a store of value but also as a means of exchange for microtransactions. To facilitate smooth transactions of whole numbers rather than small fractions , the Kin Foundation, which oversees the coin, likely opted for such a large supply.
The Kin Foundation's prediction of a low Kin price turned out to be accurate. However, the recent 24-hour trading volume of $608,793m (1.1% of market cap) suggests that the market uptake might have fallen below expectations during 2021/22.
Final Words
The Kin Foundation, holding 60% of the token supply, distributes rewards, grants, and handles marketing expenses. Kin crypto conducted its ICO in 2017, raising $100 million by offering 10% of the total supply. The ICO fell short of its $125 million target due to the exclusion of Canada from the process after pressure from securities regulators.
