The token deployer Etherfun was launched by the decentralized exchange Ethervista, which resulted in a 74% increase in VISTA over the past day
The price of VISTA increased by over 350% from $8.41 on Oct. 28 to an intraday peak of $38.54 on Oct. 31. As of the time of writing, the market capitalization of VISTA increased from $8.9 million to $31.8 million as a result of the price increase.
Over the past day, the altcoin’s trading volume increased by 63%, hovering at over $22.6 million, coinciding with its rally.
The launch of Etherfun, an Ethereum-based token deployer, was the catalyst for Vista’s rally on October 28. Etherfun aims to leverage the notoriety of comparable platforms, such as Pump.fun from Solana and Sun Pump from Tron, which have both generated substantial interest within the meme coin community.
In accordance with the official documentation provided by Ethervista, Etherfun is “taking what Pump.fun started,” enhancing its features, and “merging it with Ethervista’s innovations” to provide a premier memecoin trading and launch platform that is optimized for Ethereum’s high gas costs.
The platform is distinguished by the permanent locking of liquidity from tokens launched on Etherfun on Ethervista. A portion of the fees is utilized to purchase and destroy VISTA tokens automatically.
The platform had deployed 100 tokens within a day of its debut.
Ethervista’s decentralized exchange surpassed SushiSwap in 24-hour trading volume due to the enthusiasm surrounding the new platform, accentuating today’s rally momentum.
According to the most recent data, the trading volume of Ethervista’s DEX was approximately $5.62 million, while SushiSwap’s volume remained just above $3 million.
Before the Etherfun introduction, VISTA had been trading in an accumulation zone since late September, as per the observation of a community member. This move is frequently perceived as a bullish signal, as the launch assisted in its exit from that zone.
Nevertheless, technical indicators are emitting warning signals. At $29.13, VISTA was trading above the upper Bollinger Band, indicating that it was significantly above overbought levels. This situation typically results in a short-term price reversal.
In the interim, the Relative Strength Index reached overbought territory on Oct. 28. It has since risen to 87, indicating that a price reversal may be imminent in the coming days.
However, the social sentiment surrounding the altcoin remains optimistic, with numerous traders on X anticipating that VISTA will reach a new all-time high.
In the short term, the token’s upward momentum may be sustained by strong community enthusiasm and solid fundamentals despite bearish technical indicators, potentially driving prices higher.
