Kava

Galaxy

Wrapped Kava

Cosmos

View

<div class="cryptonews"> 
 <p class="is-style-lead">Wrapped Kava (WKAVA) plunged by over 90% over the past 24 hours, while the protocol’s native token, Kava (KAVA), registered slight gains in the mentioned period.</p> 
 <p>WKAVA, which is meant to be pegged to KAVA, has witnessed many ups and downs since July 13. The asset hit an all-time high (ATH) of $12.18 on July 29, while Kava was trading at $0.87.</p> 
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 <p>Moreover, WKAVA was trading at around $11 on Aug. 2 and slowly dropped to $8.7 on Aug. 8. The asset took a 90% plunge over the past 24 hours and is trading at $0.82 at the time of writing.</p> 
 <p>Data provided by InvestorsObserver shows that WKAVA belongs to the “high-risk” category due to its heightened volatility.</p> 
 <p>On the other hand, KAVA rose by almost 1% in the past 24 hours and is trading at $0.83 at the time of writing. The rise comes from a 5.8% hike in KAVA’s 24-hour trading volume, reaching $9.3 million.</p> 
 <figure class="wp-block-image size-full"> 
  <img decoding="async" loading="lazy" width="1133" height="602" src="https://cdn.thebittimes.com/images/2023/08/09/a4593102658b063e7fc74089a8a32479.webp" alt="KAVA price - Aug. 9 | Source: Trading View" class="wp-image-14184218"> 
  <figcaption class="wp-element-caption">
    KAVA price – Aug. 9 | Source: Trading View 
  </figcaption> 
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 <p>Last month, the leading stablecoin, Tether (USDT), successfully launched on the Cosmos ecosystem with the help of Kava — utilizing USDT’s liquidity to be easily accessible on Inter-Blockchain Communication (IBC) and Ethereum Virtual Machine (EVM).</p> 
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Wrapped KAVA down by 90% despite KAVA’s bull run

TheBitTimes

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