AVAX, the native cryptocurrency of the Avalanche blockchain ecosystem, has experienced a 16% surge in less than 48 hours. This comes as the Avalanche Foundation plans to repurchase all the tokens it sold to the Luna Foundation Guard in April 2022, pending approval from the bankruptcy court. The price of AVAX reversed from a pullback and has been on a steady rally since. Analysts expect the repurchase to increase demand for AVAX and inject more bullish momentum into its price and market capitalization. The Avalanche Foundation has explained that the repurchase will protect the Luna Foundation Guard from violating the original agreement's restrictions and support the ongoing growth of the ecosystem. AVAX has broken above notable support and is potentially entering a bullish trend, with its next target at $30.86.
- Content Editor ( coinedition.com )
- 2024-10-12
AVAX Price Surges Amid Token Repurchase Plan by the Avalanche Foundation