A recent announcement by Binance Labs appears to have revived a nearly exhausted altcoin. AEVO, which had been declining for the last 20 days and hit rock bottom after last week’s unlock, benefited significantly from Binance Labs’ intervention.
Binance Labs Supports AEVO
The recent announcement had a significant impact on AEVO, which had been declining for days. Binance Labs, which parted ways with Binance months ago, continues to support projects. The new project chosen by Binance Labs for future investment was AEVO, which recently unlocked almost all of its locked tokens.
The company shared a blog post regarding the matter. Part of the announcement was as follows:
Aevo has achieved over $80 billion in derivative volume since the beginning of the year, with an average of 50,000 monthly active users (MAU) and generated over $30 million in fees on the platform. As part of its future roadmap, Aevo will launch vault strategies, yield products, and Aevo staking. It will expand the derivative product ecosystem by allowing developers to deploy their dApps on Aevo L2 without permission, leveraging the growing user base and unique features.
The impact of Binance Labs’ announcement on the cryptocurrency, which had been declining for the last 20 days, was significant.
AEVO Price Update
Following the announcement, AEVO’s price jumped from $0.84 to $0.96, an increase of over 11%, but it couldn’t maintain this level.
After a pullback, AEVO continued to trade at $0.885, reflecting a 7% increase in the last 24 hours.
AEVO’s market cap also rose during this period, returning to the $97 million level. The 24-hour trading volume surged by 84%, exceeding $133 million following the news.
