AVAX Price Surges Amid Token Repurchase Plan by the Avalanche Foundation
The post AVAX Price Surges Amid Token Repurchase Plan by the Avalanche Foundation appeared on BitcoinEthereumNews.com.
AVAX surged 16% in less than 48 hours. Avalanche Foundation plans to repurchase 1.97M tokens from the LFG. The recent price surge flipped AVAX into a bullish trend. AVAX, the native crypto of the Avalanche blockchain ecosystem, has surged 16% in less than 48 hours amid disclosure that the Avalanche Foundation will repurchase all 1.97 million tokens it sold to the Luna Foundation Guard (LFG) in April 2022. According to reports, the parties have agreed on the deal and are waiting for approval from the bankruptcy court. Notably, AVAX’s price reversed from a slight pullback on Thursday, October 10, about a day before the parties announced the agreement. The blockchain token’s price bounced off support at $25.04, embarking on a steady rally with significant momentum. TradingView’s data shows AVAX trading for $28.13 at the time of writing after reaching a $29.01 high earlier in the day. Related: Altcoin Rally: AVAX Targets $33, TON Eyes $6.33, and WIF Poised for 145% Gain The scalability-focused crypto’s price behavior for the past two days signals a bullish outlook triggered by the announcement. It suggests that AVAX bulls are filling their bags and readying their portfolios ahead of the expected court approval. Crypto analysts expect the 1.97 million AVAX repurchase to reflect a high demand for AVAX and inject more bullish momentum into the crypto token’s price and market capitalization. CoinmarketCap’s data reflects a 7.82% increase in AVAX’s market capitalization in the past 24 hours. In the meantime, the Avalanche Foundation has explained the reason behind its token repurchase plans from the LFG. In a recent post on X, the Foundation noted that the action would protect the LFG from violating the original agreement’s restrictions on the tokens’ use and shield them from the complexity of a bankruptcy trustee liquidation. Related: Cardano, SEI, AVAX,…
Filed under: News - @ October 12, 2024 10:25 am