As a seasoned crypto investor with a knack for spotting promising projects and a keen eye for whale activity, I must say that the rise of VISTA, the native token of Ethervista, has caught my attention. With its significant gains since launch and the intriguing dynamics of its buyback and burning mechanism, it presents an interesting opportunity.
On September 1, the native token of Ethervista, called VISTA, has experienced substantial growth since its debut, resembling platforms like Pump.fun operating on Ethereum.
Currently, during the time this is being penned down, VISTA was witnessing considerable fluctuations. Its highest point in a single day reached $24.70, whereas it dropped to as low as $13.71. The daily trading volume for this cryptocurrency asset was approximately $53 million, according to DEX Screener, and its total market capitalization was valued at $15.2 million.
A single day following its release, the token reached an unprecedented peak price of $28.80, yet it has since dropped more than half of that initial value. The rise in the token’s value after launch can be attributed to increased activity among large investors, commonly referred to as ‘whales’.
Significantly, an investor with significant holdings in both the biggest and third-largest portions of Vista recently purchased 79,070 Vista tokens at a cost of 10.5 Wrapped Ether (WETH) on September 1st. Over the past two days, this investor has offloaded 42,100 VISTA tokens, generating 170.39 WETH in return – more than 16 times their initial investment.
Based on Lookonchain data, a trader identified as ‘frenulum.eth’ made approximately $696,700 by trading VISTA over a span of two days. This represents an impressive 134-fold return on investment. The original investment was roughly $5,100, used to buy around 52,822 VISTA tokens. These were later sold for approximately $701,800 in ETH.
VISTA represents a limited-edition digital currency, with only one million tokens in circulation. Ethervista, on the other hand, comes equipped with an integrated system for purchasing and destroying tokens, which aims to decrease the overall token count. This mechanism could lead to an appreciation of the token’s worth as time progresses, given that more than 2.17% of the total VISTA supply has already been burned.
It’s about to discuss how Ethervista operates, here’s a simplified explanation: Ethervista functions as a currency that automatically accumulates and destroys its own tokens. This process results in an increase of the token’s minimum price every time it happens. This unique feature is made possible by the EthervistaDEX platform.
— Ethervista (@ethervista) September 3, 2024
As per s4mmy.moca, one of the significant aspects of Ethervista is a 5-day liquidity lock for creators, designed to prevent rug pulls, which are common within the first 2-4 days after a project’s debut. Platforms like Pump.fun have frequently faced issues due to scammers launching memecoins that are abandoned soon after they start operating.
After SunPump, a fresh memecoin platform on the Tron network, surpassed Pump.fun in popularity by issuing more tokens and earning greater revenues, VISTA is drawing interest. According to DeFi Llama’s data, the total value locked within the SunPump system has grown to $1.46 million, and its annualized fee income has climbed to an impressive $49.77 million.
On the other hand, the enthusiasm for memecoins as a whole appears to have diminished, leading to significant declines in the worth of many well-known memecoins during the past year.
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2024-09-03 13:44