Since the first appearance of Kaido in his dragon form, many have speculated about his real identity.
I think he is a real dragon. Why? Below are the subtle evidences:
1.When Law revealed which Yonko is their target, he introduced Kaido as Kaido “The Beast”, then Nami surprised said “Is he even a human?” (Punk Hazard)
2.Big Mom addressed Kaido as ‘thing’, somewhat referring to a non-human or maybe a mythical creature
3.Kaido’s definition as ‘the Strongest Creature in the World’ created confusions and speculations about his real identity.
4.When a pirate captain builds a crew, he assembles it inline towards his personality, attitude or likings. Due to his alliance with Donquixote Doflamingo and Caesar Clown, Kaido had access to SMILEs to help form an army of over 500 artificial Zoan Devil Fruit users. It makes sense to form a crew filled with different creatures like him.
5.Kaido is kinda weak being in his dragon form which makes sense. Remember what Luffy said? “He transformed, He Bulked up!”, what?? Bulked up? Does Luffy mean Kaido gets even stronger instead of getting weak after his vicious attack?
We witnessed the same dynamic in the last chapter.
6.Moria have a deep root anger towards Kaido and wants to get his revenge someday. If we may recall, he created special type zombie(Oars) which somewhat kinda shares features of Kaido. Probably Moria knows that Kaido being in Human(Ogre?) form is much stronger, otherwise if Kaido has a Dragon Mythical Zoan which could give him a power-up, then Moria would create special zombie type dragon instead.
*Theory by theorymaru