Kaspa (KAS) has experienced a significant price decline, falling 80% from its 2024 peak to trade around $0.05 as of December 2025. Despite this downturn, the network's fundamentals remain robust, with a 24-hour trading volume exceeding $200 million and continued active mining operations. Analysts highlight that ongoing network upgrades and enhanced mining accessibility are bolstering Kaspa's long-term prospects. However, short-term price movements are influenced by South Korean regulatory changes and broader macroeconomic conditions.