Alright, alright, alright... another crypto token launch. Kite, huh? AI-powered payments blockchain? Give me a break.
The Usual Song and Dance
So, Kite launched its token, and apparently it did gangbusters on South Korean exchanges. Upbit and Bithumb are seeing "significant volume." Okay. We're talking a $159 million market cap and an $883 million fully diluted valuation (FDV) in the first few hours. Someone explain to me again why FDV is even a metric we should care about? It's like pricing a house based on what it could be worth if you added a gold-plated toilet to every bathroom. Meaningless.
And the volume? Binance, Upbit, and Bithumb racking up $263 million? Sounds impressive, sure. But remember all those wash trading reports? How much of this is real demand, and how much is bots pumping the numbers to create FOMO? I'm betting on the latter. According to KITE News: Token Debuts at $883M FDV on Significant Volume, the token debuted with $263M trading volume in its first two hours.
Oh, and they had a Series A raise back in September – $18 million. Total funding is now $33 million. Good for them, I guess. But that doesn't automatically make their token worth anything.
The "Agentic Economy" Nonsense
Here's where it gets really eye-roll-inducing. They're calling it an "agentic economy." It’s supposed to underpin machine-to-machine and agent-to-agent transactions, letting AI agents execute payments, access data, and buy compute resources.
"Agentic economy"... what in the fresh hell is that even supposed to mean? It’s marketing fluff designed to sound futuristic and important. Translation: "We’re throwing around buzzwords to attract investors who don’t know any better."
It's the same old story: promise the moon, deliver... well, usually nothing. Then again, maybe I'm the crazy one here. Maybe this time it's different. Maybe AI-powered payments are the future. But color me skeptical. Very skeptical.
Plus, they're capping the total token supply at 10 billion. Of that, 48% is going to the community, 12% to investors, and 20% to the team and early contributors, according to their whitepaper. 20% for the team? Hmmm, seems a little high, no? What's to stop them from dumping those tokens later and tanking the price for everyone else? It's happened before, offcourse.
So, What's the Point?
Look, I'm not saying Kite is a scam. I'm just saying that the crypto world is full of hype and empty promises. Every other project claims to be "revolutionary" and "game-changing." But how many actually deliver? How many are still around in five years?
This whole thing feels like watching a magician pull a rabbit out of a hat – impressive at first glance, but once you know the trick, it's just…meh.
