The current trading price of the token is approximately $32.2, reflecting an 11.5% increase, while its daily trading volume tripled to around $829 million, according to the latest data from crypto.news. However, despite the recent gains, the token remains 78% below its peak of $146.2, reached on November 21, 2021. The Layer-1 blockchain, which supports smart contracts, has positioned itself as a direct competitor to Ethereum. Recent partnerships indicate a growing interest in using stable blockchain platforms like Avalanche for gaming applications.
In related news, Fableborne’s first play-to-airdrop event was considered a success, attracting over 77,000 concurrent participants. Furthermore, recent trading activities by large-scale investors (whales) have influenced AVAX’s price dynamics. These investors have reportedly begun to short the cryptocurrency, particularly after it reached a recent low near $26. This price movement in AVAX coincides with a broader upward trend in the cryptocurrency market, including a 7% increase in Bitcoin over the past week and a slight overall market uptick of 0.5%, bringing the total market valuation to $2.44 trillion.
