Ethereum, Bitcoin, and most crypto assets, like 99Bitcoins, are in green following the morale-boosting rally on May 20. While layer-1 tokens rip higher, Avalanche has failed to pull an impressive performance (versus, say, Ethereum). AVAX price briefly broke $40 but has dipped again.
It may be up 30% from May 2024 lows, but the persistent selling pressure, especially after yesterday, is slowing down the upside momentum.
Avalanche Firm But AVAX Can Plunge As Foundation Unlocks More Coins
Looking at the AVAX daily chart, the coin is within a bullish breakout formation, briefly breaking above $40.
(AVAXUSDT)
While there are lower lows after May 22, bulls are hopeful that the upside momentum of May 20 will continue. In that event, AVAX may easily march to $50 and March 2024 highs of $60.
The problem is that buyers will likely have difficulty closing above the current liquidation level of $40.
Yesterday, the Avalanche Foundation unlocked 9.54 million AVAX worth roughly $369 million.
Data from Token Unlocks shows that the release will increase AVAX’s circulating supply by just 3%. The problem is that there will be more unlocks in the future.
For example, the foundation will release another 9.54 million in August, further diluting AVAX prices.
According to Token Unlocks, over 274 million AVAX will be unlocked in the coming months and years.
And this is a problem.
Every token unlock usually tends to negatively impact prices, leading to dips. How the AVAX price has performed in the last 24 hours is a testament to this.
Investors Double Down On 99BTC
With the potential for further price dips when the foundation unlocks more coins in the coming months, some investors are exploring alternatives and increasingly looking at 99Bitcoins in the ongoing 99BTC presale.
99Bitcoins is fast rising as a known authority on Bitcoin and crypto in general. The ongoing presale will see the project relaunch as a learn-to-earn platform where 99BTC will be central. The platform has also announced an airdrop that will see $99,999 worth of Bitcoin distributed to 99 lucky winners.
Each 99BTC token is now available for $0.00106, with over $1.5 million raised. Interestingly, some investors think the token will soar 100X once it lists on leading exchanges, replicating Avalanche.
Here’s why:
Unlike traditional learning methods, 99Bitcoins aims to gamify crypto learning. Accordingly, users will interact with courses like technical analysis or decentralized finance, quizzes, and activities, receiving 99BTC rewards.
As mentioned earlier, 99Bitcoins is an authority in the space, and it is easy to see why. There are over 2.8 million email subscribers and nearly one million subscribers on YouTube.
They have also created Telegram channels and a Discord server so that they can easily engage with the community.
Beyond learning, 99BTC holders can stake and earn over 1,100% APY every year. At the same time, the development team plans to transition 99BTC to a BRC-20 token. Currently, the token exists on Ethereum, complying with the ERC-20 standard.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
