Is Avalanche (AVAX) crypto rallying on fundraising news?

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Is Avalanche (AVAX) crypto rallying on fundraising news?

Is Avalanche (AVAX) crypto rallying on fundraising news?
Image source: © Kviztln | Megapixl.com

Highlights:

  • Avalanche claims to be the fastest smart contracts platform in the blockchain space.
  • Avalanche’s lead developer, Ava Labs Inc., is reportedly exploring opportunities for a fundraising round.
  • The AVAX token returned over 16% gains in the last 30 days.

The Avalanche (AVAX) crypto price was up on Wednesday after media reports that its lead developer Ava Labs Inc. is exploring opportunities for a new funding round. The AVAX token price surged over 5%, while its one-day volume jumped more than 8% on Wednesday morning.

Also Read: Is Ethereum (ETH) rallying on Merge update? When is it happening?

What is Avalanche (AVAX) crypto?

Avalanche claims to be the fastest smart contracts platform in the blockchain space, based on time-to-finality. It is a fast, low-cost, and eco-friendly platform where any smart contract-enabled application can work efficiently.

AVAX is the native utility token of the platform. It is used for paying fees and staking for platform security. AVAX, a hard-capped, scarce asset, also provides a basic unit of account between several subnets created on the Avalanche platform.

The token can be traded on exchanges like Binance, OKX, Bybit, etc.

Also Read: Why is VeThor Token (VTHO) crypto jumped 299% today?

Funding round announcement:

Bloomberg reported on Thursday, citing people familiar with the matter, that Ava Labs is planning to organize a new funding round. Avalanche could be one of the highly valued crypto startups globally based on a new valuation reportedly estimated for the funding round.

Founded and managed by Cornell University professor Emin Gun Sirer, the firm is reportedly planning to raise US$350 million at a valuation of around US$5.25 billion. However, the company has not made any official announcement regarding the fundraising.

Also Read: Why is metaverse-focused Meta Ruffy (MR) crypto rising?

Avalanche (AVAX) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The AVA token was priced at US$80.27 at 9:25 am ET on Wednesday, up 5.03%, while its volume for the last 24 hours soared 8.06% to US$794.36 million. It has a market capitalization of US$21.53 billion, and its fully diluted market capitalization is US$31.96 billion.

The token has a total supply of 395.89 million, and its current circulating supply is over 268.29 million. It returned 16.52% gains in the last 30 days.

It saw the highest price of US$103.53 and the lowest price of US$68.17 in the last 30 days. It reached its all-time high of US$146.22 on November 21, 2021.

Also Read: What is NEXO’s crypto-backed credit card? How is Mastercard involved?

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