Kamino Finance token falls 9.2% after a month-long climb

Kamino Finance ($KMNO) traded at $0.0412 at 11:39 a.m. ET, down 9.2% in 24 hours, CoinGecko data shows.

The quick take

Price: $0.0412, down 9.2% in 24 hours and up 12.1% over seven days.
Trigger: The sharpest hour came between 9 and 10 a.m. ET, when the KMNO/USDT pair on Binance lost 4.9%. The cause is not confirmed.
Watch: Whether $KMNO holds above the day’s low of $0.0404.

What happened

The Kamino Finance token ($KMNO) fell 9.2% in the 24 hours to 11:39 a.m. ET and traded at $0.0412, CoinGecko data shows. Jupiter’s price feed showed the same $0.0412, down 9.1%.

Over the day, $KMNO moved between $0.0457 and $0.0404. It is still 12.1% higher than a week ago and 72% higher than 30 days ago. The token remains 83% below its record high of $0.248 from December 2024.

Why it moved

The decline came in two legs. On Binance’s KMNO/USDT pair, the price eased from about $0.0454 at noon ET on Sept. 30 to $0.0425 by 7 p.m. ET. It then recovered to $0.0446 overnight.

The second leg was faster. Between 9 and 10 a.m. ET on Oct. 1, the pair dropped from $0.0428 to $0.0407. The cause of the move is not confirmed.

Other Solana DeFi tokens were weak too. Raydium ($RAY) fell 8.4% and Jupiter Exchange ($JUP) fell 3.0% over 24 hours. Solana ($SOL) slipped 1.5%, according to CoinGecko.

Who’s buying and selling

On-chain trading stayed close to even. The largest $KMNO pool, a KMNO/USDC pool on Orca DEX, logged 24,156 buys and 23,091 sells in 24 hours. It held about $2.0 million in liquidity, DexScreener data shows.

Across all markets, $KMNO traded $11.6 million in 24 hours against a market value of $233 million, per CoinGecko. Kamino Lend, the protocol’s lending market, held $1.38 billion in total value locked, DefiLlama data shows.

What to watch next

Whether $KMNO holds above the 24-hour low of $0.0404.
Any update from Kamino on its governance forum that could explain the drop.
Kamino Lend’s total value locked on DefiLlama, a read on demand for the platform behind the token.

Bottom line: $KMNO gave back 9.2% in a day but still holds most of a strong month, and the reason for the drop is not yet known.

Price data: CoinGecko, cross-checked with Jupiter.