The AVA token experienced a dramatic surge of 112% intraday, climbing from a low near $0.155 to a high of $0.329 before settling around $0.27. According to reports from CoinDesk, this massive movement followed Bithumb's announcement of a new Korean won trading pair for the token. The price action represents one of the most significant single-day gains for the Binance-backed travel platform token.
Bithumb, one of South Korea's largest won-based exchanges, announced the AVA/KRW pair on Thursday with trading opening at 2 p.m. Korea time. As reported by CoinDesk, the exchange supported ether deposits alongside the listing. The initial reference price for the token was announced as 214 Korean won. The AVA Foundation, which manages the token, confirmed the listing alongside Travala, the platform tied to the token. The listing generated significant trading interest, with nearly $40 million traded on the new Bithumb pair compared to roughly $26 million on Binance's AVA/USDT market over the same period.
Bithumb has announced that various trading restrictions will be implemented initially with the launch of the new trading support. According to the exchange, buy orders will be limited for the first five minutes after trading begins, and sell orders outside of specific price ranges will also be restricted during the same period. Furthermore, only limit orders will be supported for approximately the first two hours. The exchange warned users that AVA deposits and withdrawals can only be made using supported networks and compatible cryptocurrency service providers. Deposit and withdrawal operations are planned to open within two hours of the announcement's publication, with the required number of confirmations for deposit transactions set at 33.
Futures data revealed heavy speculation layered on top of the spot rally, with Binance's AVA open interest rising roughly 454% to $6.9 million according to CoinGlass. According to CoinDesk, traders piled into new leveraged positions as the price climbed. Short liquidations on Binance reached about $784,000 over 24 hours, against roughly $433,000 in long liquidations. This short covering activity added significant buying pressure to the rally, amplifying the price movement beyond the initial listing impact.
Travala operates as a travel platform that allows users to purchase flights, accommodation, and other travel services with crypto assets. The platform collaborates with online travel companies such as Expedia and Booking.com, and enables payments with over 100 crypto assets, including Bitcoin and Ethereum. AVA serves as the native token within the Travala ecosystem, utilized in staking-based client programs, rewards for user activity, and governance processes. The token's utility extends to car rental services on the platform's ecosystem.
