AVA Token Surges After Bithumb Listing

The AVA token, linked to the Binance-supported travel platform Travala, climbed as much as 112% during the day, moving from roughly $0.155 to $0.329. That jump came after Bithumb launched a fresh Korean won trading pair for the asset.

Since then, AVA has retreated to about $0.27, though it remains up around 72% over the past day. Leveraged futures trading seemed to amplify the price action after it began.

Bithumb's Won Listing Attracts Many AVA Token Buyers

Bithumb, among South Korea's biggest won-denominated exchanges, revealed the AVA/KRW trading pair on Thursday. The trading started at 2 p.m. Korea time, and ether deposits were also supported. Travala confirmed the listing together with the AVA Foundation, the entity that oversees the token.

Trading volume supports the catalyst. According to data, nearly $40 million changed hands on the new Bithumb pair. In comparison, about $26 million traded on Binance's AVA/USDT market during the same timeframe. These are volume numbers, not net inflows, but they indicate where new liquidity entered.

Listings on South Korean exchanges have previously affected token prices. For instance, Derive's DRV token climbed approximately 30% after a comparable debut on Upbit and Bithumb in July.

Leverage Probably Intensified the Move

Futures data indicated significant speculation built on the spot rally. Binance's open interest for AVA, which measures the dollar value of outstanding futures contracts, increased by about 454% to $6.9 million, per CoinGlass. As the price rose, traders entered additional leveraged positions.

According to CoinGlass, short liquidations on Binance totaled around $784,000 over a 24-hour period, while long liquidations were approximately $433,000. Traders who had bet against AVA were compelled to unwind their positions, which created additional buying pressure. This suggests short covering served as an amplifier rather than the initial catalyst.

A recent buyback provided underlying support. The AVA Foundation announced it had repurchased almost 370,000 AVA on September 15 as part of its monthly program. That initiative has now locked away over 13% of the circulating supply. While it predates Thursday's listing, it may have reduced the float available for selling during the rally.

The key question is whether AVA can maintain its present 72% increase after the initial trading volume on Bithumb subsides.