The cryptocurrency market is heading deeper into the red zone today. Most major altcoins, especially the leading cryptocurrency Bitcoin, are declining. However, activity in the market continues. Aave is getting a new brand, while Binance is listing BEAMX on futures. We have compiled the important developments in the market for our readers.
Important developments for LINK, MATIC, ARB and these 5 altcoins…
Aave Companies transforms into Avara
Aave, the leading blockchain infrastructure startup known for pioneering the open-source liquidity protocol, has undergone a transformative rebranding. Formerly known as Aave Companies, the organization now appears as Avara, inspired by a Finnish term meaning ‘wide’.
The rebranding marks a strategic shift in overseeing several portfolio brands, including decentralized social media protocol Lens and stablecoin GHO, as well as widely recognized liquidity protocol Aave. The Aave brand will retain its identity within Aave Labs. However, it is noteworthy that the altcoin project’s native token, AAVE, was not affected by this transition.
Binance offers BEAMX futures
According to the official announcement made on November 17, Binance will launch BEAMX 1-50x U perpetual contracts on November 17 at 21:30 UTC. cryptokoin.com We previously reported on October 25 that Binance would support the token swap, auction, and brand upgrade of Merit Circle (MC) to Beam (BEAMX).
A whale is piling up ARB tokens on Binance
A whale deposited 4.93 million ARB tokens (worth 5.33 million USD) to Binance in the last 15 hours, on-chain analytics platform Lookonchain reported. Lookonchain reported that this whale withdrew 4.93 million ARB tokens (worth $6.79 million) from Binance on April 26-27, when the price was around $1.38. Therefore, if the whale sells now, it will lose approximately 1.46 million dollars from the altcoin project.
Smart money buys ETH, MATIC, NXM, WBTC and LINK
According to data from Nansen dated November 17, Smart Money is flowing into 5 tokens. In this context, the 24-hour fund inflow tracking list on the Ethereum network is as follows:
- ETH: Entry is approximately $75.14 million. The altcoin is currently trading at $1,986.22, down 3.33% in the last 24 hours.
- MATIC: Entry is approximately $11.15 million. The altcoin is currently trading at $0.8674, down 6.66% in the last 24 hours.
- WBTC: Entry is approximately $5.21 million. The altcoin is currently trading at $36,448.01, down 2.63% in the last 24 hours.
- NXM: Entry is approximately $2.23 million. The altcoin is currently trading at $56.4, down 4% in the last 24 hours.
- LINK: Entry is approximately $1.94 million. The altcoin is currently trading at $14.06, down 5.2% in the last 24 hours.
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