CandleFocus Avalanche Foundation Completes Buyback of 1.97M AVAX Tokens from Terra’s Defunct Guard Fund
2024-11-08
Author: Content Editor
The Avalanche Foundation has completed its buyback of 1.97 million AVAX tokens from the Luna Foundation Guard (LFG), which acquired the tokens to support Terra's ecosystem. The buyback was initially valued at $45.5 million but is now worth approximately $53 million due to AVAX's recent price increase. The buyback demonstrates Avalanche's commitment to stability and growth, as well as its strategic approach to bolstering token reserves. The timing of the buyback, amid a gradual AVAX price rally, showcases confidence in the network's long-term prospects. This move may bolster investor confidence and support token liquidity, benefiting holders and ecosystem participants. With AVAX's price near $27 and positive investor sentiment, the buyback reflects market resilience and the Foundation's strategic foresight.
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