Kitty Finance Plunges by Over 60% Despite Coingecko Listing

The cryptocurrency market is currently underperforming, with the prices of most coins down by over 3%. However, some cryptocurrencies are recording losses in double digits, underperforming the broader market in the process.

KITTY Dips by Over 60%

KITTY, the native token of the Kitty Finance ecosystem, is one of the biggest losers in the market at the moment. The token has lost more than 63% of its value over the past 24 hours, underperforming against the broader crypto market.

At press time, KITTY is trading at $4,156 per coin, down by 63.61% over the past 24 hours. Despite the dip in price, the 24-hour trading volume has increased by more than 8%. The 24-hour trading volume for KITTY currently stands at $3,374,481.

Kitty is a decentralized finance (DeFi) project on the Avalanche and Polygon blockchains. According to its homepage, KITTY is the first algorithmic stablecoin on Avalanche, pegged to the price of 1 AVAX via seigniorage. Users can stake KITTY tokens and also farm them on the platform. The page also said it is the first algorithmic stablecoin on Matic Mainnet, pegged to the price of 1 MATIC via seigniorage.

KITTY Lists on Coingecko

The massive dip of the KITTY token came just a day after it was listed on Coingecko, one of the leading cryptocurrency information websites. The token was trading above $10,000 two days ago, but it is now down by more than 60%.

Hey kittens, did you see this yet? 🙀🙀 We are on CoinGecko! 🍾

👉 https://t.co/77GHag65qw LFG

😻 Show your love 😻
1️⃣ STAR IT ⭐
2️⃣ Answer "How do you feel about Kitty Finance today?" WE FEEL 😸😺
3️⃣ Retweet this 🐦#AVAX #Avalanche @avalancheavax @avalabsofficial

— Kitty Finance (@KittyAVAX) December 13, 2021

 

KITTY was trading at $11,240 per coin earlier yesterday. However, the token’s price dipped by more than 60%, and it is currently struggling to stay above the $4,000 mark. If the current market condition persists, then KITTY could likely drop below the $4k level over the coming hours.

An extended bearish performance could result in the token losing more of its value and defending the $3k support level before the end of the day.