Binance-supported AVA Token Rises 100% After Bithumb Listing

Binance-supported travel platform Travala (Travala) and its associated AVA token saw intraday gains of up to 112%, climbing from a low of approximately $0.155 to $0.329. The surge followed Bithumb's introduction of the AVA/KRW trading pair.

AVA has since seen some pullback, trading around $0.27, but remains up roughly 72% over the past 24 hours. The rise appears to have been amplified by leveraged futures trading.

Bithumb announced the launch of AVA/KRW on Thursday at 2 p.m. KST, supporting Ethereum deposits. Travala and the AVA Foundation officially confirmed the listing alongside Bithumb's announcement.

Over the past 24 hours, AVA rose nearly 112% before a minor correction. Trading volume data from CoinGecko shows approximately $40 million traded on Bithumb's new pair, compared to around $26 million on Binance's AVA/USDT market during the same period.

Historically, listings on Korean exchanges have impacted token prices, as seen with Derive's DRV token, which rose about 30% after listing on Upbit and Bithumb in July.

CoinGlass data indicates that Binance's open interest for AVA futures surged by 454% to $6.9 million, suggesting significant leveraged buying as prices climbed. Short liquidations reached approximately $784,000 over 24 hours, while long liquidations totaled about $433,000, creating additional buying pressure.

AVA Foundation also reported purchasing around 370,000 AVA tokens on September 15 as part of its monthly buyback program. This has locked up over 13% of the circulating supply, potentially reducing liquidity ahead of Thursday's listing and contributing to the recent rally.