Aevo (AEVO) Price Rally Fizzles Out After Early Gains, Recovery Ahead?
Highlights
- Binance listing helped Aevo register early gains, however, the bears have caught up.
- AEVO withdrawals outpace the deposits after recent airdrop.
- Analysts still remain bullish with 10x price targets for AEVO in the coming months.
After hitting an all-time high of $4.46 on the day of launch, the Aevo (AEVO) price rally has come to a halt. As of press time, AEVO is trading 4.38% down at a price of $2.87 with a market cap of $315 million. Furthermore, there’s a 64% drop in the daily trading volumes suggesting that investor interest is waning.
AEVO Price Rally and Airdrop
AEVO’s price witnessed a significant surge following its listing on Binance, the largest centralized exchange. Binance announced the inclusion of AEVO in its Launchpool on March 8, with the listing being completed on March 13. This listing enabled users to commence trading, resulting in a notable increase in the token’s price.
In addition to Binance, other prominent exchanges like OKX, Bitgert, Gate.io, Kucoin, and more swiftly listed the AEVO token. Its availability on these decentralized exchange platforms further contributed to its growing popularity.
Furthermore, AEVO initiated an airdrop on March 13, distributing 30 million units of its token into the market. As of the current date, approximately 75% of the tokens allocated for this airdrop have been successfully claimed by eligible participants.
Chances of Recovery Ahead?
Interestingly, the recent airdrop does not seem to have significantly impacted the activity levels of deposits and withdrawals on the AEVO platform. Upon closer examination of weekly deposit and withdrawal patterns, it becomes evident that the volume of deposits consistently exceeded that of withdrawals.
In the most recent week, there was a notable disparity, with $15.86 million deposited compared to a larger sum of $21.72 million withdrawn. This resulted in a net negative flow of $5.86 million from the platform.
Currently, the Total Value Locked (TVL) within AEVO stands at over $14 million. However, this figure reached its peak towards the end of 2023 and the beginning of 2024, reaching an impressive high of over $25 million during this period. This trend reflects a significant contraction of 44% in the TVL within a relatively short span of under three months.
However, market analysts continue to be bullish on AEVO in the long term. Some of the top market analysts are making the most of the current dip. Crypto analyst Doctor Profit expects 10x gains for AEVO in the coming months.
Bought a very big amount of $AEVO
My targe is easy $30 in next months
If you missed my calls for SEI x10, TIA x10 and many other altcoin x, dont miss out this new gem pic.twitter.com/AjzfvTTM5C
— Doctor Profit 🇨🇭 (@DrProfitCrypto) March 14, 2024
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