In This Article
- Bullish On AVAX? October Was A Busy Month For This Layer-1
- Community-Led AVAX Ambassador DAO Receives 7-Figure Grant From The Avalanche Foundation
- Avalanche Foundation Repurchases Close To 2 Million AVAX Tokens From The 2022 Luna Fiasco
- Waitlist Opens For The Avalanche Card - Physical And Digital Debit Card To Spend AVAX And USDC
- What Does All Of This Bullish Price Mean For AVAX? $50 On The Cards For The Short-Term?
There has been so much AVAX News. While everyone is busy celebrating Donald Trump becoming the new President of the USA and Bitcoin making a new all-time high, we thought it would be a nice change of pace to see what serious crypto projects have been up to recently. Today, we will examine the Avalanche Blockchain and its native token, AVAX .
Avalanche is a Layer-1 (L1) blockchain that uses the Snowman Consensus Protocol, a proof-of-stake consensus algorithm. The blockchain allows developers to create and deploy third-party decentralized applications.
Launched back in 2020, Avalanche aims to be fast, versatile, secure, affordable, and accessible. To this day, the Avalanche blockchain is known mostly for its deep DeFi ecosystem. It is also heavily used for GameFi applications due to its fast transaction times and low fees.
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Bullish On AVAX? October Was A Busy Month For This Layer-1
While AVAX doesn’t have a notable spokesperson, e.g., Sergey Nazarov with LINK or Charles Hoskinson with ADA, AVAX comprises many loyal and dedicated community members.
Avalanche as a blockchain doesn’t compete with the likes of Solana or Ethereum regarding on-chain volume, total value locked (TVL), or even active addresses. However, it is a regular mainstay in the top 10 blockchains with over 400 protocols and more than $1 billion in TVL, per DefiLlama.
Here are some key announcements and news events from within the AVAX ecosystem over the past few weeks:
Community-Led AVAX Ambassador DAO Receives 7-Figure Grant From The Avalanche Foundation
Avalanche Ambassador DAO Secures $1.15M Grant
We are excited to announce that the Avalanche Ambassador DAO has been awarded a milestone-based grant of up to $1.15 million from the @AvalancheFDN. This funding will enable us to further support and grow the Avalanche community over… pic.twitter.com/SD1EvMYQuG
— Avalanche Ambassador DAO (@AvaxDAO_) October 31, 2024
The Avalanche Ambassador DAO was launched in April earlier this year. The DAO selected 190 ambassadors from a list of around 1,500 applicants. The Ambassador DAO is represented by 43 countries across five continents. Since its launch, the group has averaged 25-30 events monthly and collaborated with over 45 universities worldwide.
Initially funded with $10,000 and later raising $110,000 for its early activities, the group has stated that this new grant will allow further expansion of the Avalanche community, with a greater focus on digital activations.
On its official X account, the Avalanche Foundation responded to the announcement, saying, “The Ambassador DAO is key to growing our community and ecosystem. We look forward to seeing their continued impact!”
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Avalanche Foundation Repurchases Close To 2 Million AVAX Tokens From The 2022 Luna Fiasco
The Bankruptcy Court recently approved the Avalanche Foundation’s repurchase of 1.97 million AVAX tokens previously sold to the Luna Foundation Guard (LFG) in 2022, so you may notice LFG wallet activity related to test transactions.
We are looking forward to using the… https://t.co/qpStKVw4j5
— Avalanche Foundation 🔺 (@AvalancheFDN) October 31, 2024
Avalanche Foundation announced on October 31 via X that the Bankruptcy Court had approved the Foundation’s repurchase of 1.97 million AVAX tokens. These tokens had previously been sold to the Luna Foundation Guard (LFG) before the network collapse and unwinding of the UST stablecoin in May 2022.
The foundation added that it will use the repurchased tokens to continue supporting the Avalanche ecosystem. The 1.97 million AVAX is currently worth more than $52 million.
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Waitlist Opens For The Avalanche Card – Physical And Digital Debit Card To Spend AVAX And USDC
Introducing the Avalanche Card! 🔺
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The future starts now! Join the waitlist and check out the full… pic.twitter.com/NUmW93sX5P
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
To further highlight the work done by the Avalanche Foundation, the DAO announced its new cryptocurrency Visa card in October. On October 21, the group took to X to promote the launch of the Avalanche Card, which allows for payments in cryptocurrencies on the Avalanche network.
According to the press release, the card supports such assets as USDC, Wrapped AVAX (WAVAX), and BENQI Liquid Staked AVAX (sAVAX), among others. Both physical and virtual versions of the Avalanche Card will be available, enabling users to pay for goods and services anywhere Visa cards are accepted. According to the Avalanche Card website, the credit card is linked to a ‘self-secured wallet with a unique address for each asset’.
The card will initially be available to citizens living in Latin America and the Caribbean. It will then become available in more territories. Additionally, there are no fees for using the Avalanche Card.
There are already a number of cryptocurrency debit cards, most notably the Bybit Card, Crypto.com Card, and Coinbase Card. While those options are tied to crypto exchanges, the Avalanche card is specifically for its very own blockchain and digital assets that live on Avalanche.
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What Does All Of This Bullish Price Mean For AVAX? $50 On The Cards For The Short-Term?
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The medium-term trend for Avalanche has been bullish, with AVAX increasing by around 25% in the last 3 months. The long-term picture for Avalanche has been even more positive and is currently up more than 100% over the past 12 months, per CoinGecko.
As for the near-term future of AVAX, it is heating up nicely following Donald Trump’s election win. Right now, we are waiting on the 12/25 Daily EMA cross indicator to move to the upside, with the price finding acceptance above the trendline / Quarterly Open at $27.71.
From there, the next level to watch for will be around $33.68, and if hit, the yearly open price of $38.57 will follow. With the overall market heating up and the AVAX chart printing multiple bullish indicators, we fully expect $50 to be hit before the end of 2024.
Going into next year, with the bull market likely being in full effect, keep an eye on the previous all-time high price of AVAX ($126) for the next target.
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