AVAX Token Rises on Launch of Stars Arena
The AVAX token, which powers the Avalanche blockchain, has seen a 5.5% increase in value on Friday, bringing its weekly gain to nearly 10%. This surge in price is attributed to the launch of Stars Arena, a new web3 social media platform built on the Avalanche blockchain. AVAX has experienced a 6% increase in the last 24 hours and a 17% increase in the last seven days, making it the best-performing cryptocurrency among the top 20 by market capitalization. The token is currently trading at around $10.70 and has broken through its moving averages, indicating an uptrend.
Avalanche On-chain Activity Surges with Stars Arena
The launch of Stars Arena has resulted in a significant increase in daily transactions on the Avalanche blockchain. According to snowtrace.io, daily transactions reached over 550,000 this week, marking the highest level since May. Stars Arena is an Avalanche-based social media platform that aims to monetize influencers and personalities. Since its launch, the platform’s trade value locked (TVL) has increased from $30,000 to $2.5 million as of October 6th. Despite facing initial attacks after its launch, Stars Arena continues to experience impressive growth and is now the second-largest SocialFi platform by TVL.
Price Prediction for AVAX
If Stars Arena continues to attract interest and drive up on-chain activity on the Avalanche blockchain, it is expected to positively impact the price of AVAX. Bullish price predictions suggest that if AVAX breaks above resistance levels in the low $11s, it could rally towards the 200DMA at $13.5, potentially resulting in a 25% gain from current levels.
Considerations for Crypto Investments
While blue-chip cryptocurrencies like Bitcoin and Ether are essential for any crypto investor’s portfolio, there is potential for exponential gains by investing in high-risk presales of up-start crypto projects. These presales offer tokens at lower prices and have a history of delivering significant returns to early investors. It is important to identify projects with strong teams and revolutionary visions for crypto applications/platforms to maximize the risk/reward ratio of presale investments.
Hot Take: AVAX Token Surges on Launch of Stars Arena
The AVAX token has experienced a significant increase in value following the launch of Stars Arena, a web3 social media platform built on the Avalanche blockchain. This surge in price is driven by the growing interest in Stars Arena, which has also resulted in a surge in daily transactions on the Avalanche blockchain. With bullish price predictions and the potential for further gains, AVAX is attracting attention as a top-performing cryptocurrency. Additionally, investing in high-risk presales of crypto projects presents an alternative strategy for investors seeking exponential near-term gains.
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