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AEVO Cryptocurrency: From All-Time High to Plummeting Prices

TL;DR

  • Insider Manipulation in Crypto Market: The crypto market faces scrutiny due to “pump and dump” schemes. Founder of OKX, Star Xu, highlights insider teams manipulating prices.
  • Aevo’s Dramatic Decline: Aevo (AEVO), ranked 145th on CoinMarketCap, reached $4.46 but plummeted 90%. Insiders likely dumped holdings, leaving holders with heavy losses.
  • AEVO: Decentralized Derivatives Exchange: AEVO claims 5,000 transactions per second and handles $30 billion volume. Its team includes members from Coinbase, Kraken, and Goldman Sachs.

The crypto market, notorious for its volatility, has once again come under scrutiny due to the phenomenon of “pump and dump” schemes. Investors have long speculated about the involvement of insider teams manipulating the prices of cryptocurrencies. Recently, Star Xu, founder of leading crypto exchange OKX, took to social media to shed light on this issue.

The Insider Game

In a candid post, Xu highlighted the existence of projects that aim to get their tokens listed on major exchanges. However, once these tokens are listed, insiders allegedly engage in a pattern of behavior: they “release, reduce holdings, and harvest users.” Essentially, they dump their holdings on unsuspecting investors, leaving them to face plummeting prices.

The Case of AEVO

AEVO Cryptocurrency: From All-Time High to Plummeting Prices

One such project caught Xu’s attention: Aevo (AEVO), a digital asset ranked 145th on CoinMarketCap. At its peak, AEVO reached an impressive $4.46 on March 13th. However, since then, it has experienced a staggering 90% decline, now trading below the $1 price level. Holders of AEVO have borne heavy losses, likely due to insiders offloading their tokens.

User Reactions

On social media platform X, users expressed their frustration. Some labeled Aevo as “shady,” recounting significant losses. One user shared how they held on until prices nosedived to $0.8. Another urged the crypto community to steer clear of such projects, advocating for a focus on mainstream, reputable coins.

What Is AEVO?

AEVO positions itself as a decentralized derivatives exchange specializing in options, perpetuals, and pre-launch trading. According to CoinMarketCap data, AEVO claims to support over 5,000 transactions per second and handle more than $30 billion in trading volume.

Its official website boasts over $10 billion in total value traded and $50 million in current open interest. The project’s team includes members from Coinbase, Kraken, and Goldman Sachs, as well as institutions like Stanford, MIT, and Cornell.

As the crypto industry evolves, vigilance against insider manipulation remains crucial. Investors must tread carefully, distinguishing between promising projects and dubious ones. AEVO’s rollercoaster ride serves as a cautionary tale, emphasizing the need for transparency and responsible listing practices across exchanges.

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