The company behind the Kadena blockchain announced Tuesday that it is shutting down—and while the decentralized blockchain will remain online, the KDA token tied to it has quickly plummeted in price following the news.

The Kadena organization wrote on X that it "is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately."

Traders reacted swiftly to the news, with the price of KDA currently down more than 47% as of this writing at a price of $0.121. That's down more than 99% from the all-time high price of $27.64 set in 2021, according to data from CoinGecko.

The network was founded by a pair of JP Morgan veterans, Stuart Popejoy and William Martino, who had helped develop the financial giant's first foray into blockchain. The Kadena mainnet went online in January 2020.

Editor's note: This story is breaking and will be updated with additional details.

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