Ribbon Finance’s RBN altcoin, The platform’s on-chain options exchange has seen a significant increase in the last 24 hours as expectations for Aevo to be launched shortly.
According to CoinMarketCap data, RBN, which was traded around $0.21 before the sudden rise, climbed up to $ 0.30 at the peak. The price of the altcoin, which experienced a decline at the time of this writing, is trading at $0.24.
In addition, the token’s trading volume increased by more than 477%, bringing its total volume to over $4.2 million.
Despite this, the number of wallets holding RBN remained stable at around 4,200, as reported by Nansen, a blockchain analytics firm.
Ribbon Finance is a suite of decentralized finance (DeFi) protocols that provides its users with access to products configured on the chain.
Nansen Analyst attributes the rise to Insiders
The imminent launch of Aevo, an on-chain options exchange, has created excitement in the crypto community. The platform was originally scheduled to launch in the fourth quarter of 2022, but cryptocurrency community is still waiting for its official release.
Andrew Thurman, director of research at Nansen, believes that the spike in the price of RBN may be due to insiders and those who really believe in this token and increase their investment. He also added that most of the RBN tokens are held by long-term investors, and the stability of the new wallets demonstrates a strong commitment to the project.
As DeFi protocols continue to gain traction, Ribbon Finance’s Aevo is set to offer users a platform for on-chain options contracts trading.
*Not investment advice.
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