Binance-backed AVA Token is Up Nearly 100% Today. Here's Why
The AVA token, tied to Binance-backed travel platform Travala, surged as much as 112% intraday, swinging from a low near $0.155 to a high of $0.329. The move followed Bithumb opening a new Korean won trading pair for the token.
AVA has since eased back to around $0.27, still up roughly 72% over 24 hours. Leveraged futures trading appears to have extended the move once it started.
Bithumb’s Won Listing Draws Waves of AVA Token Buyers
Bithumb, one of South Korea’s largest won-based exchanges, announced the AVA/KRW pair on Thursday. Trading opened at 2 p.m. Korea time, with ether deposits supported. Travala confirmed the listing alongside the AVA Foundation, which manages the token.
The volume backs up the trigger. Data showed close to $40 million traded on the new Bithumb pair. That compares with roughly $26 million on Binance’s AVA/USDT market over the same period. Those are trading volume figures, not net inflows, but they show where fresh liquidity landed.
South Korean listings have moved token prices before. Derive’s DRV token jumped nearly 30% after a similar Upbit and Bithumb debut in July.
Leverage Likely Added Fuel
Futures data pointed to heavy speculation layered on top of the spot rally. Binance’s AVA open interest, the dollar value of outstanding futures bets, rose roughly 454% to $6.9 million, according to CoinGlass. Traders piled into new leveraged positions as the price climbed.
Short liquidations on Binance reached about $784,000 over 24 hours, against roughly $433,000 in long liquidations. Traders betting against AVA were forced to close, adding buying pressure of its own. That points to short covering as an amplifier, not the trigger.
A recent buyback offered background support. The AVA Foundation reported repurchasing nearly 370,000 AVA on September 15 under its monthly program. That effort has now locked more than 13% of circulating supply. It predates Thursday’s listing, though it may have thinned the float available to sell into the rally.
Whether AVA holds its current 72% gain once Bithumb’s early volume cools remains the open question.