Is Avalanche (AVAX) crypto rallying on fundraising news?

April 14, 2022 08:14 AM PDT | By Rupam Roy

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

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?

Data 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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