Who Needs Liquidity? Aurora (AOA) Recovers 251% On One Exchange

Aurora (AOA) was one of the hardest hit altcoins between August and September as AOA tokens fell 81% in value. That descent occurred over the space of just thirty-eight days, and marked a spectacular fall for a token that only launched in June.

Now that same momentum appears to have reversed with AOA gaining 251% of its value against the dollar, with all of the growth springboarding from the market-wide low of September 12th.

Incredibly, all of AOA’s trade has come from Kucoin alone – one of just two exchanges that AOA is listed on.

AOA Price Surges 251% In Four Days

From September 12th’s low of $0.008640, AOA has recorded day-on-day growth right up to today’s coin price of $0.030391.

One of the least traded coins in the top one-hundred, Aurora regularly saw average daily trades of $87,000 in the past month, particularly during the worst of August’s dip. Today that volume has climbed to above $800,000, and every penny of it has come from just one exchange, split between two trading pairs.

AOA/BTC trades account for 70% of the total, and signals the relative strength of Bitcoin to Aurora in recent times. As mentioned above, Aurora lost 81% of its value in the month leading up to September 12th. Bitcoin on the other hand gained 0.5%.

AOA/ETH trades make up the remaining 30%, which also happens to be the same percentage as Ethereum’s growth since September’s dip. The question now will be how long do the AOA holders plan to hold on for. At this point there is a strong cash-out opportunity, not only for investors who bought in four days ago, but also for those who bought in this morning.

After all, AOA spiked by close to 50% today alone. Even after the subsequent cool-off, which has commenced at time of writing, AOA is still up by 37% since this 09:00 UTC this morning.

The Power of Bounties?

The Aurora team recently opened up an EU office in Berlin, Germany, and the event was followed up with an extensive bounty program that put 10,000 AOA up for grabs.

Bounty programs like this produce an influx of articles, posts and comments on social media for the time that they run, and it’s certainly conceivable that the increased exposure could have helped boost AOA trades over the past few days.

On the other hand, this month has been like Christmas come early for bottom-pickers and bargain hunters, and AOA fell further than most throughout Q3 of 2018.

Also, in what turn out to be big news (for good or bad reasons), the Aurora twitter page recently tweeted out this enigmatic image of what looks like a smartphone, accompanied by the hashtag #Apple, and the words:

“Faster TPS is just the beginning.”

Apple? Smartphone? That would be big news indeed, but let’s just wait and see before jumping to the conclusions that a tweet like that is obviously designed to produce.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.