KIN Crypto Project Struggles to Continue Without Kik App

The KIN digital asset will have a long way to go to compete with other coins.

After selling $100 million’s worth of KIN tokens in an ICO, theKikcompany started its long-drawn decline, exacerbated by the altcoin bear market. This September 23, Kik announced the closing of its flagship app, Kik, which was supposed to give value to the KIN token.

Now, the project will turn into a run-of-the-mill crypto startup with a staff of 19 and a token that has to be lifted off the ground. The KIN asset sank deeply on Tuesday, only recovering slightly to its usual level of $0.000009. KIN also sank under 1 Satoshi.

The total supply of KIN tokens is supposed to be 10 trillion, an unprecedented inflow of assets. But even with a circulating traded supply of 756 billion tokens, the price is near the minimum. It is uncertain how the rest of the nearly 9 trillion tokens would be sold.

The Kik chat app is to be replaced by a series of small apps using KIN as a reward mechanism. Even now, the KIN network counts more than 1 million transactions per day, lining up right after TRON (TRX).

The project around the KIN token will be led by the Kik Interactive company, which still holds 3 trillion tokens. The KIN token will also need to receive a new mobile wallet, as it is only accessible through third-party wallets. The asset was also deliberately held back from large exchanges, with no efforts on the side of the Kik company to secure listings.

The Kik lawsuit launched by the US Securities and Exchange Commission continues. Recently, communications surfaced that showed the ICO may have been intended in a way that turns KIN into an unregistered security:

https://twitter.com/DoveyWan/status/1136101783946743808

At this point, it is uncertain how much Ethereum is left for Kik Interactive and the KIN Foundation to extend their efforts. KIN remains extremely risky and may turn into another dead digital asset, despite the efforts.