Aerodrome (AERO) dropped over 10% in 24 hours as the broader crypto market declined 1.45%, following an uptrend that began September 2. The sell-off accelerated due to market-wide profit-taking and liquidity drain from Base Chain, notably from the Hunter Biden’s Laptop (LAPTOP) memecoin, which crashed from $200 to $0.826. Technical indicators suggest the correction may be ending, with AERO retesting support at $0.55 and capital flows showing a bullish crossover. However, a buyback program acquiring just $100,000 worth of AERO is minimal compared to overall selling pressure.
Aerodrome [AERO] fell more than 10% in the past 24 hours as the broader crypto market declined by 1.45%. This drop follows an uptrend that began on September 2 and appears to be a correction from the market structure.
Market-wide profit-taking after a week of uninterrupted rallies contributed to the decline. DEX volume surpassed $600 million when AERO traded around $0.68, and has stayed above $500 million over the past three days while the price crashed.
Capital flight from Base Chain coins like Hunter Biden’s Laptop [LAPTOP] also drained liquidity. The memecoin launched at $200 per token but has since crashed to $0.826. As stated by Hunter Biden, “The reality is that available liquidity could not sustain the strong level of interest at launch.” Since Aerodrome is the primary liquidity engine for Coinbase’s Base Chain, it experienced a significant impact.
Technically, AERO entered a correction after its week-long uptrend, but that may be ending. The token is trading above the previous higher high at $0.55, now a support level yet to hold. The Chaikin Money Flow has bounced from neutral to 0.05, and the Chandelier Exit indicator shows a bullish crossover.
If bulls defend the $0.55 zone, AERO could bounce back to $0.68, representing 22% gains. A breakdown would see the altcoin test demand at levels of $0.52, $0.50, or lower.
Meanwhile, Aerodrome PGF rolled out a buyback program. According to the announcement, it acquired and locked 171K AERO, worth about $100,000. This move could mitigate selling pressure, but the buyback volume is minimal compared to the wider market sell-off.
