AVAX, the native token of the Layer-1 Avalanche blockchain, has seen a significant 13% increase over the past 24 hours, making it the biggest gainer among the top 100 cryptocurrencies by market cap.
Currently, the token is trading at around $32.2 million, up 11.5% in the same period, with its daily trading volume tripling to around $829 million, according to the latest data from crypto.news.
With a market cap now at $12.7 billion, AVAX is the 11th largest cryptocurrency. However, despite recent gains, it remains 78% below its peak of $146.2 billion, which it reached on November 21, 2021.
Avalanche was introduced in the fall of 2020 by a team led by software engineer Emin Gun Sirer, along with Kevin Sekniqi and Maofan “Ted” Yin. The Layer-1 blockchain, which supports smart contracts, quickly established itself as a direct competitor to Ethereum.
The recent rise in the price of AVAX follows: advertisement On July 19, ChronosWorlds, a post-apocalyptic RPG, announced that it had selected Avalanche as its preferred blockchain for publishing.
The partnership underscores the growing interest in using robust and stable blockchain platforms like Avalanche for gaming applications. In related news, the first Fableborne event, which took place on the same day, was hailed a success, attracting over 77,000 concurrent participants.
Additionally, recent trading activity by large investors (whales) has also affected AVAX’s price dynamics. These investors have reportedly started short selling the cryptocurrency, especially after it recently hit a low near $26.
This price move 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 0.5% rise in the overall market, bringing the total market cap to $2.44 trillion.