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Binance-backed AVA Token is Up Nearly 100% Today. Here’s Why

The AVA token, tied to Binance-backed journey platform Travala, surged as a lot as 112% intraday, swinging from a low close to $0.155 to a high of $0.329. The transfer adopted Bithumb opening a brand new Korean received buying and selling pair for the token.

AVA has since eased again to round $0.27, nonetheless up roughly 72% over 24 hours. Leveraged futures buying and selling seems to have prolonged the transfer as soon as it began.

Bithumb’s Won Listing Draws Waves of AVA Token Buyers

Bithumb, one in every of South Korea’s largest won-based exchanges, announced the AVA/KRW pair on Thursday. Trading opened at 2 p.m. Korea time, with ether deposits supported. Travala confirmed the itemizing alongside the AVA Foundation, which manages the token.

AVA climbed as a lot as 112% within the final 24 hours earlier than settling down a bit of. Image Source: CoinGecko

The quantity backs up the set off. Data showed near $40 million traded on the brand new Bithumb pair. That compares with roughly $26 million on Binance’s AVA/USDT market over the identical interval. Those are buying and selling quantity figures, not web inflows, however they present the place recent liquidity landed.

South Korean listings have moved token costs earlier than. Derive’s DRV token jumped practically 30% after the same Upbit and Bithumb debut in July.

Leverage Likely Added Fuel

Futures data pointed to heavy hypothesis layered on high of the spot rally. Binance’s AVA open curiosity, the greenback worth of excellent futures bets, rose roughly 454% to $6.9 million, in keeping with CoinGlass. Traders piled into new leveraged positions as the value climbed.

Short liquidations on Binance reached about $784,000 over 24 hours, towards roughly $433,000 in lengthy liquidations. Traders betting towards AVA have been pressured to shut, including shopping for strain of its personal. That factors to quick protecting as an amplifier, not the set off.

A latest buyback provided background help. The AVA Foundation reported repurchasing practically 370,000 AVA on September 15 below its month-to-month program. That effort has now locked greater than 13% of circulating provide. It predates Thursday’s itemizing, although it could have thinned the float accessible to promote into the rally.

Whether AVA holds its present 72% acquire as soon as Bithumb’s early quantity cools stays the open query.

The submit Binance-backed AVA Token is Up Nearly 100% Today. Here’s Why appeared first on BeInCrypto.

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