Aevo (AEVO) Price Rises Slow Down; Will It Bounce Back?

AEVO

Binance listing spurred Aevo initially, but bears took over. AEVO withdrawals exceed deposits post-airdrop. Analysts optimistic, with 10x price targets ahead.

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After reaching a peak of $4.46 on launch day, Aevo’s (AEVO) price surge has stopped. Currently, AEVO is trading at $2.87, down by 4.38%, with a market cap of $315 million. Moreover, daily trading volumes have dropped by 64%, indicating declining investor interest.



AEVO’s Price Surge After Binance Listing

Following its listing on Binance, AEVO experienced a significant price surge. Binance announced AEVO’s inclusion in its Launchpool on March 8, with the listing finalized on March 13. This move allowed users to begin trading, leading to a notable increase in the token’s value.

Apart from Binance, other major exchanges such as OKX, Bitgert, Gate.io, and Kucoin promptly listed AEVO. Its availability on these decentralized platforms further bolstered its popularity and trading volume.

On March 13, AEVO initiated an airdrop, distributing 30 million units of its token. As of now, approximately 75% of the tokens allocated for the airdrop have been claimed by eligible participants, adding to the circulating supply and market activity.

Impact of Recent Airdrop on AEVO Platform Activity

Despite the recent airdrop, there hasn’t been a significant impact on deposit and withdrawal activity on the AEVO platform. An analysis of weekly patterns reveals that deposit volumes consistently surpassed withdrawals.

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However, in the most recent week, a notable disparity emerged. Deposits amounted to $15.86 million, while withdrawals were higher at $21.72 million. Consequently, there was a net negative flow of $5.86 million from the platform during this period.

Total Value Locked (TVL) Contraction in AEVO

Decline in TVL: The Total Value Locked (TVL) in AEVO currently stands at over $14 million. However, this figure witnessed a peak towards the end of 2023 and the beginning of 2024, reaching an impressive high of over $25 million. This represents a significant contraction of 44% in TVL within a relatively short span of under three months.

Long-Term Bullish Outlook: Despite the contraction in TVL, market analysts remain optimistic about AEVO’s long-term prospects. Notably, some top analysts are capitalizing on the current dip. Crypto analyst Doctor Profit, for instance, anticipates 10x gains for AEVO in the upcoming months, reflecting confidence in its future trajectory.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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