The Avantis coin price has surged in the past few days following its closely-watched airdrop as more investors bought, and its market share in perpetual futures grew.
Avantis (AVNT) token jumped to a high of $0.8447, up by 315% from its lowest level this month. This surge brought its market capitalization to over $160 million.
Summary
- Avantis token price jumped amid smart money accumulation.
- It also soared as Avantis gained market share in the perpetuals industry.
- Avantis benefited from the ongoing demand for Base Blockchain tokens.
AVNT price jumped as its market share of Avantis soared
The primary reason for the recent surge in AVNT price is Avantis’ continued market share gain in perpetual futures trading.
DeFi Llama data shows that the Avantis platform has handled over $2.46 billion in volume this month so far. It processed $4.6 billion in August.
Its performance could accelerate after it moves into the stock tokenization industry. It has already introduced tokenized Coinbase stock into its platform, and plans to roll out more.
Avantis soared amid increased demand for Base tokens
The other reason why the AVNT price is thriving is the robust demand for tokens in the Base Blockchain. For example, Aerodrome Finance token has jumped, bringing its market cap to over $1 billion as its market share soared.
Similarly, Zora has been one of the top coins in the ongoing altcoin season as it was integrated into the recently upgraded Coinbase wallet. Therefore, Coinbase may add Avantis to its platform as it did with Morpho and Aerodrome.
Smart money accumulation
Avantis price has jumped as investors have continued to accumulate it. Nansen data shows that 27 so-called smart money investors bought tokens worth $647,000 in the last seven days and sold 130,000 coins. This brought the net inflow to $515,000.
Similarly, whale investors have continued to buy AVNT tokens. They now hold 162,755 coins, up from 63,000 on Sep. 9. Continued whale and smart money buying is generally seen as a bullish catalyst for a coin.
Avantis coin price rose amid strong technicals
Meanwhile, technicals contributed to the recent Avantis price rally. The 45-minute chart shows that the coin remained inside the range of between $0.203 and $0.409, and then surged to a record high.
Avantis token moved above the strong pivot reverse of the Murrey Math Lines at $0.5860. It has now moved to the ultimate resistance at $0.7814. This means that it has more upside to get to the extreme overshoot at $0.9765.