Kamino Finance token loses 10.6% in an overnight slide

Kamino Finance token loses 10.6% in an overnight slide into Friday

Kamino Finance ($KMNO) traded at $0.0334 at 8:40 a.m. ET on Oct. 30, down 10.6% in 24 hours after a slide that began Thursday afternoon.

The quick take

Price: $0.0334, down 10.6% in 24 hours and 15.2% in seven days, as of 8:40 a.m. ET (CoinGecko).
Trigger: A steady slide that began Thursday afternoon and ran into the night, with no project news behind it.
Watch: Deposits in Kamino Lend, now about $1.2 billion, and the new Backpack Market.

The Kamino Finance token loses 10.6% in 24 hours, the steepest drop among the 10 Solana DeFi tokens we track. Kamino Finance ($KMNO) traded at $0.0334 at 8:40 a.m. ET (12:40 UTC) on Friday, Oct. 30, per CoinGecko. Jupiter’s price feed showed the same level.

What happened

The slide started Thursday afternoon. On Binance’s KMNO/USDT pair, the hourly close peaked at $0.0379 at 1 p.m. ET (17:00 UTC). By 10 p.m. ET (02:00 UTC) it had dropped to $0.0334.

Since then, $KMNO has moved in a narrow band between $0.0334 and $0.0341. CoinGecko puts its 24-hour range at $0.0331 to $0.0380. The token’s market value stands at $196.0 million, with $9.6 million traded in the past day.

$KMNO is now 15.2% lower over seven days. It sits 86.6% below its record high of $0.2478, set on Dec. 15, 2024, per CoinGecko.

Why it moved

The cause is not confirmed. Kamino has posted no new announcement on its forum or blog in the past day.

The wider market was weak too. Solana ($SOL) fell 3.8% to $96.56, per CoinGecko, and Bitcoin ($BTC) slipped 3.4%, per LiveCoinWatch. Jito ($JTO) lost 8.8%, but $KMNO fell harder than any of its peers.

Who’s buying and selling

On the main KMNO/USDC pool on Orca DEX, sellers slightly outnumbered buyers. DexScreener counted 22,440 sell trades against 21,967 buys in 24 hours. GeckoTerminal showed a similar split, 22,378 to 21,904.

The pool holds about $1.8 million in liquidity, so a few large orders can move the price.

What to watch next

Deposits in Kamino Lend, the project’s lending market, stood at $1.20 billion at 11:21 UTC, per DefiLlama. That is down from $1.27 billion at the start of Thursday, 00:00 UTC. Borrowing stood at $837 million.

SolanaFloor reported that Kamino opened a Backpack Market on Oct. 28. It lets users borrow USDC against four tokenized assets from Backpack Securities, at up to 60% of their value. CEO Michael Weisz said tokenized equities “become useful when they can enter credit markets with transparent onchain risk parameters,” per SolanaFloor.

Bottom line: $KMNO lost 10.6% in a day with no confirmed cause, while Kamino Lend still holds about $1.2 billion in deposits.

Price data: CoinGecko (cross-checked with Jupiter).