- The Avalanche Foundation’s native cryptocurrency AVAX surged 15% after raising $250 million for a blockchain upgrade called Avalanche9000.
- The upgrade aims to significantly reduce Layer-1 deployment costs and transaction fees on Avalanche, boosting scalability and solidifying its leadership in the blockchain space.
- The upgrade has garnered support from major institutional investors like Dragonfly, Galaxy Digital, and ParaFi Capital, with around 40 participants in the latest funding round.
A significant uptick in AVAX’s price was observed as Avalanche garnered $250M for a crucial blockchain upgrade. The Avalanche Foundation’s native cryptocurrency, AVX, has seen a 10% increase following this successful fundraising. This move has led to an enthusiastic response from investors, leading to a 50% rise in the trading volume around the asset.
Major Boost for Avalanche with $250M Funding for an Upgrade
The Avalanche Foundation recently raised $250M for a key blockchain upgrade, leading to a 10% climb in its native cryptocurrency, AVAX. There has been a notable increase in the asset’s trading volume, with $1.51B worth changing hands in the last 24 hours. The upgrade, dubbed Avalanche9000, has garnered significant institutional support, with about 40 participants including Dragonfly, Galaxy Digital, and ParaFi Capital.
Avalanche’s Upgrade: Aiming for Cost Reduction and Enhanced Scalability
Avalanche’s forthcoming upgrade aims to slash costs, boost scalability and solidify Avalanche’s leadership in the blockchain space. The upgrade is expected to cut Layer-1 deployment costs on Avalanche by 99.9% and lower transaction fees on its C-Chain by 25 times. The upgrade is expected to be launched on December 16. This announcement triggered a surge in AVAX’s price, with the cryptocurrency experiencing a 61% increase in the last month.
Institutional Backing for Avalanche’s Upgrade
Haseeb Qureshi, Managing Partner at Dragonfly, hailed the upgrade as a transformative moment for blockchain development. He believes that Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability. Kevin Sekniqi, co-founder of Ava Labs, also emphasized the network’s potential to outperform Ethereum, Solana, and other chains in transaction volume, thanks to Avalanche’s unique multi-chain model.
AVAX Forecast: Steady Gains and New Highs
The December forecast for AVAX suggests steady gains could continue. The asset is still down 6.2% from its ATH of 146.22, but AVAX’s recent gains indicate the potential for a new high by 2025. Moreover, current cryptocurrency market trends favor AVAX’s ascent. Moving averages are pointing upwards across all time frames. The RSI at 79.54 shows strong momentum, though some cooling may occur. Taking these technical signals into account, a 2025 prediction of 140 seems plausible, reaffirming investors’ recent decisions to buy into the surging altcoin.
Conclusion
In conclusion, the Avalanche Foundation’s recent success in raising funds for a significant upgrade has positively impacted its native cryptocurrency, AVAX. The forthcoming upgrade promises to reduce costs and increase scalability, solidifying Avalanche’s position in the blockchain industry. With strong institutional support and positive market trends, the future looks promising for AVAX.
