Odaily Planet Daily report: After Kinetiq announced the Hyperliquid L2 network Elysium, KNTQ surged over 30% briefly before retracing part of its gains; it is currently trading at $0.2397. KNTQ’s current market cap is approximately $66.03 million, with a 24-hour trading volume of around $6.02 million. Previously, Kinetiq stated that 50% of Elysium’s sequencer fees will be used to repurchase KNTQ from the open market, with all purchased tokens being burned.
KNTQ Surges Over 30% Then Retreats After Kinetiq Announces Hyperliquid L2 Network Elysium
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Summary
Kinetiq’s announcement of the Hyperliquid L2 network Elysium boosted network activity, sending KNTQ up over 30% before a partial pullback. KNTQ now trades at $0.2397 with a $66.03 million market cap and $6.02 million in 24-hour volume. Kinetiq plans to use 50% of Elysium’s sequencer fees to buy and burn KNTQ. Network metrics show strong initial demand following the launch.
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