AVAX token saw a sudden spike in the trading price in the past 24 hours as of writing it was trading at $27.06 with an intraday surge of 4.41 percent. As per the reports the surge in the price of Avalanche tokens has been fueled by the recent buyback of $53 million in AVAX tokens from Terra LFG now-defunct crypto firm.
The information came into the spotlight after the Avalanche Foundation shared the update with a known crypto media outlet that has successfully completed the buyback process.
The move to buy back the tokens by the Avalanche Foundation is largely appreciated by the crypto experts because the same incident had led to the decline of FTX, a bankrupt cryptocurrency exchange.
It is crucial to note that after the loopholes in the balance sheets of FTX and related companies were discovered a leading cryptocurrency allegedly sold FTX tokens valued at over $1 billion which led to a sudden disturbance in prices and sentiments of the token holders.
Additional information states that the foundation sold the now-acquired AVAX tokens to Terra Foundation Guard at the beginning of 2022. The back buy has closed the official relationship of Avalanche Foundation with the now-bankrupt stablecoin project.
At a time after its launch, this algorithmic stablecoin gained huge traction and became the favorite of traders in a short time frame.
AVAX Token Price Overview
At the time of writing the AVAX token was trading above 20, 50, 100, and 200 days EMA, however, its trading price saw a decline of 30.16 percent in the YTD frame and 20.12 percent in the past six months.
The average trading volume of AVAX tokens in the past 30 days was $308.18k and its trading volume in the past 24 hours was $463.24M. Until publishing the market of AVAX was $10.96 billion which grew over 3.20 percent intraday.
According to data from CoinMarketCap AVAX token is the 13th most prominent among all registered cryptocurrencies in terms of market capitalization. The constant surge in the market cap of the token could help it surpass Shiba Inu’s market cap which is $11.05 billion.
It is worth noting that in the 52-week time frame, the highest recorded trading price of AVAX was $65.25, and its lowest traded at $12.38. Yet its all-time high was $146.22 which was recorded in late 2021.
Crypto experts and traders speculate that back-to-back partnership and expansion deals have been backing the strength of AVAX price; the token is expected to reach a new milestone by 2025.
The blockchain of AVAX is popular for its scalability transaction speed and also low transaction fees. Day by day blockchain technology is getting advanced and with extraordinary features that have deep potential to transform the traditional finance system.
