Key Points
VISTA experienced a significant price increase of 74% in a single day, following the launch of Etherfun by decentralized exchange Ethervista. On October 28, VISTA’s price was $8.41, which soared to an intraday high of $38.54 on October 31, marking a surge of over 350%. This price hike escalated VISTA’s market capitalization from $8.9 million to $31.8 million.
Impact of Etherfun Launch
The rally of this altcoin coincided with a 63% increase in its trading volume, which exceeded $22.6 million. The rally began on October 28, triggered by the launch of Etherfun, an Ethereum-based token deployer. Etherfun aims to leverage the popularity of similar platforms like Solana’s Pump.fun and Tron’s Sun Pump, which have attracted significant attention from the meme coin community.
According to the official documentation shared by Ethervista, Etherfun is enhancing the features of Pump.fun and combining them with Ethervista’s innovations. The goal is to create a top-tier memecoin trading and launch platform, designed to handle Ethereum’s high gas costs. The platform distinguishes itself by permanently locking the liquidity from tokens launched on Etherfun on Ethervista. A portion of the fees are used to automatically purchase and burn VISTA tokens.
In just a day after the launch, 100 tokens were deployed on Etherfun. The launch also drove Ethervista’s decentralized exchange past SushiSwap in 24-hour trading volume, adding more momentum to the rally. As per the latest data, Ethervista’s DEX had a trading volume of around $5.62 million, while SushiSwap’s volume was just above $3 million.
VISTA had been in an accumulation zone since late September, but the launch of Etherfun helped it break out. This is often seen as a bullish signal. However, there are warning signs from technical indicators. VISTA was trading above the upper Bollinger Band at $29.13, indicating it was far above overbought levels. This often leads to a price reversal in the short term.
The Relative Strength Index also rose to overbought territory on October 28 and has continued to rise to 87, further suggesting a potential price reversal in the coming days. Despite these bearish technical indicators, the social sentiment around the altcoin remains positive. Many traders expect VISTA to reach a new all-time high. The strong community hype and solid fundamentals could keep the token’s upward momentum alive, possibly pushing prices higher in the short term.
