JOE Positive Price Action!
In this analysis, you will learn about Joe Price's positive movement, which was tweeted about by Demirelo. Demirelo mentioned that the Joe token price increased by 30% and is on the verge of reaching its highest daily trading volume since March.
As we do not have access to the Centralized Exchanges (CEXs) spot volume, I have examined the on-chain trading activities on the Avalanche and Arbitrum chains.
Additionally, I have investigated the inflow and outflow of Joe tokens between CEXs and the Avalanche chain, as well as the reverse process.
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I conducted a comparison of JOE token's price movement over the past 10 days with that of native chain tokens and certain native DEX tokens.
Out of all these prominent tokens, JOE was the sole token to exhibit a positive trend, while the others experienced negative movements.
Joe recorded the highest gain at 15%, while VELO and OP suffered the most significant losses.
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Let's begin by examining the price movement of the Joe token in comparison to other top tokens in the market. When compared to ETH and AVAX tokens, JOE showed more favorable movement. Over the past 10 days, the price of Joe token increased by up to 26% at its peak. In daily price fluctuations, Joe saw an increase of up to 30%, as highlighted by Demirelo in his tweet. Looking at the overall performance over the last 10 days, Joe has shown a +15% gain, while AVAX recorded a -1.1% decline, and ETH dropped by -1.12%.
Clearly, JOE token has displayed stronger movement, defying market conditions and registering positive gains over this period.
Defination
Inflow: Inflow signifies the movement of Joe tokens from Centralized Exchanges (CEXs) to the Avalanche chain.
Outflow: Outflow represents the movement of Joe tokens from the Avalanche chain back to CEXs.
Buyer: Buyers are users who have purchased Joe tokens on the Avalanche and Arbitrum chains.
Seller: Sellers are users who have sold their Joe tokens on the Avalanche and Arbitrum chains.
Custom Wallet: A custom wallet allows you to input a specific wallet address in the User Address field, enabling you to observe the activities of that particular wallet.
In this section, I examined the movement of Joe tokens between Avalanche and CEXs, as well as the reverse flow. It's worth noting that the number of users doesn't seem to have a significant impact on token price, but I included this data to illustrate the increase in user numbers. The Joe token's price movement began on August 31, 2023, and you can observe that the number of users increased during that period.
What's particularly important for token price is the quantity of tokens involved. An inflow to CEXs typically signifies that users want to sell their tokens, while the vice versa route indicates that users do not intend to sell their tokens. As you can see, during the positive price movement, the total Joe token amount increased significantly in both routes. On August 31, the Inflow amount reached 59 million JOE, while the Outflow reached 56 million JOE. Over the past 90 days, the current net change is an increase of 15,000 Joe tokens.