AEVO’s Plunges as OKX Founder Criticizes Token Listings

AEVO, a cryptocurrency that initially launched at $3.70, has seen its price drop dramatically to $0.44, as highlighted by Colin Wu, a reporter. This decline has raised concerns within the industry about the integrity of token listings and the role of cryptocurrency exchanges in supporting such projects. 

Star Xu, founder of OKX, highlighted the issue, stating that some tokens, once listed, only aim to release more tokens, reduce their holdings, and ultimately harm users. He emphasized that exchanges should not become accomplices in these schemes. However, OKX’s recent listing practices have come under scrutiny, suggesting a need for more robust oversight in the listing and trading of tokens.

Further noted by xiaomucrypto, a crypto trader, the AEVO project team, despite the token’s price collapse, issued a positive report citing a cumulative transaction volume of $90 billion. This announcement highlights the discrepancy between trading volume and the token’s market performance. 

The lack of regulatory supervision on token listings and holdings reductions has become a critical issue that the entire industry needs to address. Effective measures are required to protect the market and ensure exchanges do not facilitate harmful practices.

Analyzing AEVO’s price chart, at press time, the price stands at $0.4369, reflecting a 1.86% decline over the past 24 hours. The chart indicates a significant drop from its peak, followed by a period of consolidation. 

Key resistance levels are identified at $0.445 and $0.45, with the former being a recent high that the price struggled to surpass. On the support side, $0.43 and $0.42 are crucial levels where the price has shown resilience.

Moreover, the trading volume has increased by 11.85% to $45,312,656, suggesting heightened market activity. However, the overall market sentiment remains mildly bearish, as indicated by a 2.92% decrease in market capitalization. The volume-to-market cap ratio, standing at 11.99%, shows moderate trading activity relative to the market cap.

The 1-day Relative Strength Index (RSI) at 39.06 indicates that the token is neutral, which means it is neither oversold nor overbought. However, the Moving Average Convergence Divergence (MACD) trading below the signal line indicates bearish momentum.