VISTA, the native token of Ethervista, a Pump.fun-like platform on Ethereum, has seen significant gains since its launch on Sep. 1.
At the time of writing, VISTA was experiencing significant volatility, with an intraday high of $24.70 and a low of $13.71. The crypto assetâs daily trading volume hovered around $53 million while its market cap stood at $15.2 million per data from DEX Screener.
Within a day after launch, the token hit an all-time high price of $28.80, but it has since lost over 50% of that value. VISTAâs post-launch rally was supported by a surge in whale activity.Â
Notably, an investor who controls the first and third largest amounts of Vista bought 79,070 Vista tokens for 10.5 WETH on Sep. 1. In the last two days, the investor sold 42,100 VISTA for 170.39 WETH, making a profit of more than 16X their initial investment.
According to Lookonchain, a whale named âfrenulum.ethâ has earned 274 ETH (roughly $696.7K) by trading VISTA in just two days, achieving a 134x return. The trader initially invested 2.05 ETH (around $5.1K) to purchase 52,822 VISTA tokens and later sold them for 276.5 ETH (around $701.8K).
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VISTA is a deflationary token with a capped supply of 1 million. Ethervista also has an automatic token buyback and burning mechanism designed to reduce the overall supply, potentially increasing the tokenâs value over time. The project has already burned over 2.17% of its total token supply.
It's time to explain how $VISTA works âĄïžVISTA is a value-compounding deflationary currency. Wut ? This means Ethervista is constantly autobuying and burning the token, increasing the floor price each time. This is a type of feature that EthervistaDEX renders possibleTo⊠pic.twitter.com/69LBf3ZQqT
â Ethervista (@ethervista) September 3, 2024
According to s4mmy.moca, one of the key features of Ethervista is a 5-day liquidity lock for creators, which safeguards against rug pulls that often happen within 2-4 days of a projectâs launch. Pump.fun has often been plagued by scammers launching memecoins that are abandoned just hours after they go live.
VISTA is gaining attention after SunPump, a new memecoin platform on the Tron network, outperformed its predecessor Pump.fun by launching more tokens and generating higher revenues. Per data from DeFi Llama, the total value locked in the SunPump ecosystem has reached $1.46 million, while its annualized fee income has increased to $49.77 million.
However, the interest around memecoins in general has waned, with some of the most popular memecoins seeing sharp drops in value over the last year.
Read more: SunPump buoys Tronâs 24-hour revenue over Ethereum