From Kaito Rankings to Token Issuance: The Dilemma of Unsustainable Popularity

The crypto market has long been driven by various narratives. In 2025, a new attention-grabbing mechanism became the focus: the Kaito AI Earn leaderboard. These incentive activities reward early researchers, commentators, and meme creators ( commonly known as "yappers" ), allowing them to generate hype before the project launch in exchange for future token issuance.

The way this model operates is now well known:

• Reward early user awareness
• Fabricating stories
• Create demand before the token generation event (TGE)

This method is indeed effective. Leaderboards can enhance the exposure, trading volume, and social recognition of a project. But the problem is:

Can this attention last?

Once the token issuance and airdrop are claimed, those active participants will turn to the next token issuance. Prices drop, trading volume shrinks, and participation gradually declines.

This article conducts a critical analysis of several projects related to Kaito to explore whether the hype can be sustained after the Token launch. A trend is emerging: the narrative is designed to draw attention rather than to maintain heat.

Let's first take a look at the SKATE project.

Skate: High trading volume, a large number of coins, and stagnation after Kaito

SKATE is a Token related to the Solana modular gaming layer, which launched with strong momentum. With support from listings on certain well-known exchanges and the in-depth promotion of the Kaito Earn campaign, SKATE had sufficient liquidity and high visibility at the time of its launch.

• TGE: June 10, 2025
• Issuance price ( Opening price ): 0.06506 USD
• First day closing price: 0.05094 USD
• First day trading volume: 41.46 million USD
• Initial FDV: Approximately 65 million USD
• Current price ( July 7 ): 0.04065 USD
• Current FDV: approximately $40.65 million
• Decline after TGE: approximately 37.5%
• Current 24-hour trading volume: 8.46 million USD
• Trading volume/MC ratio ( July 7 ): approximately 139%

The early trading of SKATE showed a good start. On June 10, the attention for this token surged sharply, with the price once soaring to $0.06539, but then quickly retraced to around $0.05094, experiencing about a 22% pullback on just the first day.

Subsequently, when other projects under Kaito were launched, a similar trend also appeared:

• Mid-June: Supported by post-listing momentum, the price rebounded to $0.051 to $0.048 from June 11 to 16, (.
• From June 21 to 23: The trading volume fluctuated significantly with a daily trading volume of about 110 million USD, but there was a lack of strong directional trends.
• From June 30 to July 4: there was a brief fluctuation, soaring to $0.06234, and then quickly falling.
• July 5 to 7: The price fell to $0.04065, a decrease of about 37% since the TGE and a decline of about 22% since the peak on July 4.

The social buzz also peaked early but then quickly declined. Within 7 to 10 days after launch, Kaito contributors shifted their attention to new leaderboard projects and token activities, resulting in a significant decrease in mentions and engagement.

Summary: Rotation is greater than retention

SKATE possesses all the favorable conditions: listed on major exchanges, high liquidity, and a rewards-oriented Kaito ecosystem narrative. However, the attention on SKATE has not been sustained. Despite SKATE's daily trading volume being close to 140% of its market capitalization, SKATE remains a high turnover asset that is not held long-term by anyone.

The story of SKATE is similar to that of other Tokens in the Kaito Earn ecosystem:

• Pre-launch hype
• Immediately increase trading volume after launch
• Airdrop Claim and Quick Exit
• Narrative exhaustion within a few weeks

The market performance of SKATE further confirms the criticisms of the projects promoted by Kaito: high exposure, low user stickiness.

![Kaito Ranking becomes a "tool" for project launch, but what will happen after the TGE?])https://img-cdn.gateio.im/webp-social/moments-2caad58aacfeac6c3eb73106e831f299.webp(

Huma: Launchpool speculation, Kaito rewards 0.5%, first day rotation amount reaches 300 million USD

Huma is a decentralized payment financing protocol )PayFi(, which utilizes the complete technical stack of a certain trading platform and Kaito, and will issue its native token HUMA on May 26, 2025.

A certain trading platform's Launchpool event allows users to mine HUMA by staking BNB, FDUSD, or USDC from May 23 to 26. At the same time, Huma also launched the Kaito Earn activity, allocating 0.5% of the total supply to three "Seasons."

First quarter allocation situation:

• 0.1% allocated to the top 500 participants of Kaito
• 0.1% allocated to contributors in the Solana, DeFi, and RWA categories
• Distribution to holders of Kaito ecosystem tokens registered through the SOL wallet

A trading platform started trading on May 26 at 21:00 ) UTC+8 (. As of May 27:

• TGE) opening price (:0.06683 USD
• First day's closing price: 0.05936 USD
• Opening pullback: approximately 11.2%
• First day's trading volume: $310.37 million
• Day 1 Market Cap: $1.0289 million
• Current price ) July 7 (: 0.03083 USD
• Current market value: 53.44 million USD
• FDV: 308.6 million USD
• Trading Volume/Market Cap Ratio ) July 7 (: ~33%

Despite the hype from Launchpool and Kaito Earn, most of HUMA's trading is rotational trading. The rewards for the first season can be claimed from day one, and the second season has also been announced, which has led to increased selling pressure rather than long-term holding.

After briefly stabilizing around $0.05 in early June, the price continued to decline over the next month, falling by 40% from June 9 to July 7. This trend reflects not only profit-taking but also a lack of sustained demand. The daily trading volume shrank by over 90% from the peak on the first day, while the gap between FDV ) $130.8 million ( and the actual market cap ) $53 million ( continues to widen, further reinforcing the market's view that much of HUMA's appeal is activity-driven rather than product-based.

Summary: HUMA showcases a typical Kaito Earn model: impressive data, huge liquidity, but lacks lasting appeal. Its launch aims to increase exposure rather than gain steadfast support, and due to the lack of practicality and demand post-launch, early attention comes quickly but fades just as fast.

![Kaito Rank is a "tool" for project launch, but what will happen after TGE?])https://img-cdn.gateio.im/webp-social/moments-a178504ad34a565ac345d9675ad2dd65.webp(

Quai: Large-scale distribution, deep Kaito integration, strong launch... then it falls into silence.

Quai is a decentralized multi-threaded blockchain protocol that has launched the most generous and deeply integrated Kaito Earn campaign to date. From January 17, 2025, to April 17, 2025, the project has allocated a total of 6 million QUAI tokens to reward content contributors:

• 5.5 million QUAI for Kaito leaderboard
• 500,000 QUAI tokens for the Quai exclusive leaderboard

From April 29 to May 12, users can claim through the Kipper platform. Weekly snapshots track contributors, with some top yappers receiving up to 5.95% of individual recognition shares, which is significantly higher than SKATE or HUMA.

Although the Quai mainnet was launched on January 29, the Token could only be freely traded after the exchange data was released on February 22.

QUAI first day performance ) February 22, 2025 (:

• Opening Price: $0.09884
• Highest Price: 0.2263 USD
• Closing Price: 0.1929 USD
• Trading Volume: $10.14 million

Subsequent trends: rotation, reversal, and a prolonged cooling period.

QUAI is one of the most eye-catching new projects under Kaito's token. Its price surged from $0.09884 to $0.2263 during the session, an increase of 129%, and finally closed at $0.1929, with a rise of 95%.

But this is already the highest point.

In the coming weeks:

• From February 23 to 26: the price dropped rapidly, falling to about $0.17 to $0.18.
• From March 1 to 15: Prices continued to decline to the range of $0.12 to $0.08, reflecting the normal performance of capital rotation after speculation.
• April to May: Despite several attempts at small rebounds, the support strength gradually weakened.
• June to July: The price range of the token is between $0.06 and $0.07. As of July 7, the trading price is $0.05266, which is a decrease of about 73% compared to the closing price and a decrease of about 76.7% compared to the highest price.

The trading volume also indicates the situation:

• From the initial $10 million on the first day to the current approximately $3 million, indicating a sharp decline in activity.
• Even the Kaito rewards in the second phase did not significantly increase the demand after the TGE.

Summary: QUAI has many advantages: a large allocation of Kaito, strong brand influence, a highly anticipated TGE, and strong early price trends. However, attention is quickly shifting. Even the leading yapper has not been able to stabilize interest in its secondary market.

The current trading price of QUAI has fallen below its issuance price, and there has been no significant recovery since March, which fully demonstrates that early liquidity does not equate to lasting confidence.

![Kaito ranking becomes the project's launch "tool", but what will happen after the TGE?])https://img-cdn.gateio.im/webp-social/moments-0b44b433ab5ab092cf0d0eaacd3c2313.webp(

Soon: Integration with Kaito, the popular trading platform Alpha, and real-world verification

Soon, a high-performance Solana Optimistic Network) based on SVM rollup(, ran one of the most structured and community-cohesive Kaito Earn events in early 2025. During the 3-month event period, the project allocated 450,000 SOON Tokens) to the top 100 yapper, accounting for approximately 0.045% of the total supply(.

• Event date: February 19, 2025 - May 19, 2025
• Distribution Period: From May 23, 2025, to June 23, 2025
• Qualification: Kaito leaderboard contributors, early NFT holders, builder badge owners

This event is not just a reward airdrop, but also integrates the brand image of SOON. Participating users will receive the "Sooner" role, badges, and social status, which reinforces that Kaito yappers are a key force in the early dissemination of SOON.

TGE and Market Release: From Hot Debate to Soaring Popularity

The SOON Token was issued on May 23 and listed on the trading platform Alpha on May 24. The opening price of the token was $0.4527, briefly reaching $0.4776, and the closing price for the day was $0.4007. The trading volume on the first day exceeded $103 million, reflecting significant speculative activity and the amplification effect of the exchange.

Some market indicators ) as of July 7, 2025 (:

• TGE Date: May 23, 2025
• Opening price on the first day: $0.4527
• First day closing price: 0.4007 USD
• First day trading volume: $103.1 million
• Current Price:0.1529 USD
• Market Cap: approximately $26.9 million
• Opening retracement: approximately 66.2%
• Maximum drawdown: approximately 68.0%
• Trading Volume/Market Cap Ratio ) July 7 (: approximately 97%

What happened after the first day?

After the initial excitement, SOON has followed the now familiar post-Kaito era curve:

• Late May to mid-June: SOON remains in the range of 0.29 to 0.39 USD, with little fluctuation and a slow decline.
• Late June: Support level broke below $0.25, trading volume increased from June 27 to 30, showing an accelerated downward trend.
• July 5 to 7: SOON plummeted by 40% within 48 hours, dropping from $0.22 to $0.13, and then slightly rebounded to $0.15.

This plunge coincided with the end of the claim period on June 23, ). After that, many claimants may have sold their tokens and shifted their focus to other Kaito activities.

Summary: The earlier you sell, the better?

SOON has all the elements for a successful issuance: a strong foundation