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Crypto Chaos: Binance Halts Trading as Euro-Pegged Token Skyrockets 200%

Writer's picture: Blockonome GnomeBlockonome Gnome

AEUR, pegged to the euro, experiences an unexpected surge before Binance intervenes due to unprecedented price swings.


A coin flying to the moon.

 

In an unexpected turn of events, the anchored euro (AEUR) stablecoin, supposedly tethered to the value of one euro, witnessed an astounding surge of nearly 200% on Binance shortly after its recent listing on the crypto exchange.

 

Throughout the day, the AEUR-USDT pair maintained a trading range around $1.08, aligning closely with the prevailing EUR-USD exchange rate. However, around 17:45 UTC, a sharp upward trajectory began with substantial trading volumes, reaching a peak of $3.25.

 

Responding to this surge, Binance took swift action, suspending trading activities with the token, citing "abnormal volatility" in an announcement posted on X (formerly Twitter).

 

An examination of the token's order book on Binance reveals that the last recorded trade occurred at 18:31 UTC, settling at approximately $2.89, still reflecting a remarkable 167% increase from its intended value.

 

AEUR originates from Anchored Coins, a Switzerland-based entity entirely owned by Calvin Cheng, a former parliament member and investor based in Singapore, according to a press release earlier this year. The token is designed to maintain a value backed by euro fiat assets and currently boasts a market capitalization of $5 million, as indicated on the project's website.

 

The abrupt surge in price lacks a clear catalyst, leaving observers puzzled. However, the token's relatively modest market cap and limited liquidity introduce an element of vulnerability, potentially making it susceptible to de-pegging through manipulative price actions.


(photo source: Blockonome)

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