Aventus Slides 4.2% on Low Volume as Token Split Plans Shelved

The token split had previously been approved by community governance vote in December.

AccessTimeIconFeb 22, 2023 at 1:53 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC

Aventus (AVT), the native token of a blockchain service provider of the same name, has shed 4.2% to $1.22 Wednesday morning, with volatility spiking on minimal liquidity following a decision to pause a planned token split.

The move was met with disappointment among the community after a December governance vote voted in favor of the split.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • "This does not mean that we will stop pursuing the token split – we are simply pausing for now and it is a priority of ours to revisit the token split in future," the company said in an announcement.

    Although AVT trades on Coinbase, daily volume remains low at just $65,000, and market depth – a metric that assesses how much capital it would take to move an asset by a certain percentage – is minimal at around $3,000 per 2%.

    The AVT token was issued in 2017 and hit a record high of $6.905 at the start of 2018. It currently has a market cap of $7.3 million, according to CoinMarketCap.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.