KDA Plummets as Kadena Organization Shuts Down Operations

The Kadena Organization, the company that develops the eponymous Layer 1 blockchain, announced today that it will be shutting down operations and ceasing its affiliation with Kadena immediately, sending the KDA token tumbling.

As a decentralized blockchain, the network will technically remain operational via independent miners and smart contract operators, but the founding team will no longer be supporting its growth or maintenance.

KDA is down 60% today following the news and down 85% over the last calendar year to a $30 million valuation. The token now trades 99.7% below its all-time high of $27 billion in 2021, which would have made it a Top 15 cryptocurrency by fully diluted valuation (FDV) in 2025.

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