Aptos ecological star project KGEN launched with a big dump of 67%: Why did the "quasi-unicorn" that raised 13.5 million USD start off poorly?
The highly anticipated Aptos ecosystem project KGeN Protocol's native Token KGEN Crypto made its debut on various exchanges, including mainstream CEX, on October 7, 2025, but experienced a disappointing start. The KGEN price fell by 67% within hours of launch, triggering market fear, uncertainty and doubt (FUD). Despite KGeN Protocol boasting 38.9 million registered users, $60.8 million in annual revenue, and $13.5 million in funding from top institutions like Jump Crypto, its strong fundamentals starkly contrast with the chaotic token issuance. Technical issues, presale redemption latency, and Airdrop sell pressure were the direct causes of this price collapse, casting a shadow over this project hailed as a "quasi-unicorn" in the fields of AI, Decentralized Finance, and identification.