Just a steady downtrend since ICO.

I wrote about this token a while ago and how it was heavily manipulated and overvalued. Many did not agree with my analysis and today we are sitting here a month later with a market cap 4 times lower than DOGECOIN. I am not writing this post to tell anyone “I told you so” — The purpose of this post is to showcase that my previous analysis was not out of hatred, it was heavy due diligence. Just because a company has been around for awhile doesn’t mean an investment will be a profitable one, as a matter of fact, it’s the SMALL un-hyped and undervalued projects that usually provide the outsized returns that everybody is looking for. At one point even I myself considered investing in the KIN project as the company appeared to be very well established however, the overvaluation mixed with the gift card like token usage and enormous capital raise turned me off quickly.

$90+ million raise

This fundraise was about $85 million dollars too high. Ethereum raised around $18 million… Four times lower the amount. If this token were distributed fairly to investors, they would have staged the ICO and raised in increments while showcasing some sort of development along the way. It’s honestly very hard for me to give credit to a company who has developed nothing more than a mediocre messaging app (that has been dropping in rankings for over a year) and use that as some sort of proof of concept when I can go on Code Canyon and find plenty of open source messengers to start my framework.

Not fully decentralized

Semi decentralized is fine in many cases as efficiency is hard to maintain in a fully decentralized manner; however, this project literally utilized under 10% of blockchain technology's true purpose (and I still think I’m being too generous here).

Over the last few weeks we have seen the volume die down materially. My assumption is that all the major funds are finished unloading their profits that the little guys are now bag holding. Could I be wrong? Yes I could. But I highly doubt all of the capital firms are bag holding this overhyped and overvalued token. They held the majority position and had the power to move it drastically. I’m not trying to completely bash the token and the project altogether — because sure, there are some small interesting components to it, but I am suggesting that it was far overvalued and my initial due diligence holds and is playing out as suspected.