Key Takeaways:
- Trader Joe’s token soared over 200% since March 15.
- Heightened locked capital on Arbitrum spurred the coin price surge.
- The upcoming listings might indicate a BUY.
YEREVAN (CoinChapter.com) – Decentralized exchange Trader Joe’s token JOE price surged over 200% since bottoming out at $0.2 on March 15. As a result, JOE/USD exchange rate reached $0.58 ahead of the New York session on March 29.
The chart above shows an initial surge in trading volumes in unison with the price rally. However, investor enthusiasm has declined since, hinting at a possible cool-off in the upcoming sessions. If the rally stalls, a possible short-term target for JOE would be $0.49-0.53 by April.
Meanwhile, the reason behind the heightened trading was not apparent from the chart. A closer look at the on-chain data revealed which blockchain was responsible for the rally.
Trader Joe locked value on Arbitrum.
As of publication, Trader Joe, an Avalanche ecosystem native, operates on three chains : Avalanche, Binance Smart Chain, and Ethereum layer-2, Arbitrum. The latter airdropped its ARB token on March 23, boosting its total value locked (TVL).
Notably, Joe’s trading volumes and TVL has not registered significant changes on either Avalanche or BSC. However, the on-chain data shows that the DEX locked value on Arbitrum, with ARB accounting for a quarter of all transactions.
Furthermore, of the $60 million of locked value automated market maker Joe V2 brought to the table, over $31 million came from Arbitrum, as the chart below indicates.
Notably, Joe V2 was the 18th largest protocol on Arbitrum by TVL and the 7th by weekly gain.
Also read: SafeMoon Exchange Loses $9M in Potential ‘Rug Pull’ Scam.
The on-chain data presented above back a bullish stance on JOE investment. Moreover, two upcoming listings might spur another leg up for the DEX token.
JOE scores two exchange listings
BitMart crypto exchange announced its intention to list JOE on March 29. The team further noted that deposits for the JOE/USDT trading pair became available at 7:00 am UTC that same day, while trading started at 8:00 am UTC, and withdrawals were activated at 9:00 am UTC.
Another crypto exchange, LBank, announced its JOE listing on the same day. According to the tweet, the deposits and trading have already started at 8:00 am and 9 am UTC, respectively. However, the withdrawals would be activated on March 30 at 9:00 am UTC.
Also read: MATIC Price Prediction: Polygon Breakout Suggests Fresh Rally To $1.25.
