Following its Ethereum privacy L2 project, Aztec's price plummeted, falling far below its public offering price of $0.0473. However, it rebounded 107% on February 20th, spurred by its listing on South Korean platform Upbit. On-chain data reveals that market makers and large investors are taking advantage of this market rally to transfer significant amounts of tokens to exchanges.
Funding exceeding 100 million and backed by top institutions
As a high-profile project for Ethereum privacy Layer 2 solutions, Aztec completed a $100 million Series B funding round in 2022, with investors including a16z, Paradigm, and Ethereum co-founder Vitalik Buterin, bringing its total funding to over $119 million.
From December 2nd to 6th last year, Aztec Network conducted a public token sale, successfully raising 19,476 ETH. Following this, Aztec held a fully automated on-chain token auction, attracting enthusiastic participation from 16,741 addresses. This auction ultimately released 15% of the tokens, raising 19,388 ETH (approximately $59.13 million), with the public sale cost price of the tokens at approximately $0.0473.
TGE coin price plummets, dream lineup fails.
On February 12, Aztec launched its highly anticipated TGE and made its debut on several major exchanges, including Coinbase, Kraken, Bybit, KuCoin, Gate.io, MEXC, and HTX. After opening, Aztec briefly touched a high of $0.03, but the price then fell all the way down, even dropping below $0.02 at one point. Its fully diluted valuation (FDV) was less than $300 million on the first day of listing.
Because the secondary market price was far below the auction cost of $0.0473, community investors who participated in the public offering generally faced severe losses of more than 50%. The dream investment lineup that the market had high hopes for failed, triggering criticism from the community.
The launch of a South Korean exchange triggered a 107% surge.
On February 20th, Upbit, South Korea's largest exchange, officially announced the listing of AZTEC trading pairs in Korean Won (KRW), BTC, and USDT. Bithumb also announced its follow-up listing of KRW trading pairs. Stimulated by this significant liquidity boost, the price of AZTEC surged by as much as 107% in a single day, briefly reaching $0.039. As of press time, the price has since fallen back to $0.029.
On-chain data reveals a large amount of tokens transferred to exchanges.
According to ARKHAM's on-chain data , on February 20th, on-chain exchange traffic showed signs of anticipated spot selling. Further examination of the on-chain transfer logs revealed that large addresses, including market makers (such as GSR Markets), were intensively transferring out large amounts of AZTEC, ranging from one million to five million coins, directly depositing them into hot wallets on exchanges such as Bybit, Gate, and Uniswap. Large spot holders are taking advantage of the liquidity brought by Upbit's listing to transfer their holdings to centralized exchanges for sale.
This article, "$Aztec's Price Surges 107% in a Single Day After its Initial Public Offering Price Drops," first appeared on ABMedia, a ABMedia .
