Aevo, an Ethereum-based decentralized exchange, has been showing a very remarkable performance in recent days. The project’s native token has established a clear trend in the market, with an increase of 6.78% in the last 24 hours. However, in addition to this rise, the token price has been quite volatile in the last few days.
AEVO is currently trading at $3.06. However, due to the fluctuations experienced in recent days, this figure may vary considerably. The altcoin value rose to an all-time high of $4.46 in just one day. However, after this sudden rise, the price fluctuates between 2-4 dollars on average, which presents a significant volatility problem for investors.
While high volatility is often encountered in cryptocurrency markets, this apparent volatility in AEVO’s price may make investors nervous. While such fluctuation offers opportunities for short-term investors to make quick profits, it can create a risky environment for long-term investors.
Why Is AEVO Price Rising?
AEVO’s price rose rapidly after its listing on Binance, one of the largest centralized exchanges. Binance announced that AEVO would be included in Binance Launchpool on March 8, and following this announcement, the listing process was completed on March 13. This process brought about a significant increase in AEVO’s price.
Binance’s inclusion of AEVO in Launchpool has made the token more widely known among users. Since Binance is a platform known for its reliability in the cryptocurrency world, AEVO’s listing on this exchange attracted the attention of investors and increased demand. Now users can trade with AEVO via Binance, which has increased the price of the altcoin.
However, not only Binance but also other major exchanges quickly started listing AEVO. Major exchanges such as OKX, Bitgert, Gate.io, Kucoin listed AEVO almost immediately. This increased the accessibility of the token and attracted the attention of more investors.
On the other hand, the altcoin team held a $30 million reward distribution event to the first users of the token. This airdrop aroused great interest in the cryptocurrency world. However, after this distribution, many investors quickly began selling their tokens in order to make short-term profits. These rapid sales increased the volatility of the market and caused serious fluctuations in prices.
Conclusion
The price increase achieved by Aevo in just one day demonstrated the popularity of the token in the market. Airdrop and listing announcements made by the team behind the project pushed the altcoin price up. At the same time, this sudden rise led to price fluctuations.
You can follow the current price movement here.
