Avanatis (AVNT) surged over 24% in a day, dramatically outperforming the broader crypto market’s 0.48% gain. The rally was driven by a new token buy-back program and a listing on the Uphold exchange, which fueled a 528% increase in daily trading volume. However, on-chain data indicates emerging selling pressure as traders begin to take profits.
The cryptocurrency Avanatis (AVNT) surged over 24% in the last 24 hours, significantly outperforming the broader market. This spike was reflected in a daily trading volume increase of 528%, indicating heightened investor activity.
The price movement followed two key developments announced by Avantis. The project stated it is implementing a mechanism to permanently remove tokens from circulation. They plan to use 30% of daily trading fees to buy and burn AVNT from the open market.
Simultaneously, the exchange Uphold announced it had listed the AVNT token for exclusive trading. Data from the Avantis Foundation website showed 57,324 AVNT tokens, worth approximately $9,167, had already been burned.
On the charts, AVNT’s price broke out from a multi-week descending trend channel. The Cumulative Volume Delta (CVD) initially showed strong buyer dominance, spiking to 5.6 million AVNT.
However, the CVD later dropped to negative 287,000 AVNT, signaling incoming selling pressure. This coincided with total liquidations of $616,000, split between short and long positions across major exchanges.
