Avalanche (AVAX) is in the spotlight today after a 10% surge in the past 24 hours. The rally has taken AVAX above the $54 level for the first time since May 2022.
Adding fuel to today’s excitement is the growing buzz around eTukTuk’s (TUK) Initial Coin Offering (ICO), which just broke through the $2 million milestone.
Avalanche (AVAX) Experiences 10% Rally as Whales Continue Buying
Avalanche (AVAX) is putting on an impressive display today, currently trading around $54.16.
The double-digit increase since yesterday has injected new life into the smart contract platform, which had been trading sideways for most of last week. AVAX’s price rise is backed by some increasingly bullish on-chain data.
According to crypto analytics firm IntoTheBlock, over 82% of Avalanche holders are now in profit at current prices.
This suggests there may be less selling pressure from underwater investors going forward.
Behind the scenes, large transactions valued at over $100,000 have tripled in just the past three days as whales began accumulating aggressively.
The increase in demand from high-net-worth players is visible in spot volumes. Spot volumes have surged 27% to hit $2.5 billion over the past 24 hours – making AVAX the 10th most traded cryptocurrency.
With a market cap now above $20 billion once again, Avalanche has re-established itself as a top 10 crypto asset.
While still 62% below its lofty all-time high from 2021, today’s price action suggests AVAX may be aiming for even more upside.
Durango Upgrade, Teleporter Tool, & Nexon Deal Inject Life Into Avalanche (AVAX)
AVAX’s double-digit price surge is impressive, yet the cryptocurrency’s fundamentals have also been rapidly evolving.
Most notably, the long-awaited Durango network upgrade went live in February, introducing several protocol enhancements and new features.
Key improvements included optimizations for faster transaction finality, enabling cross-chain EVM communication, and setting the stage for future innovations like continuous staking.
Building on Durango, Avalanche’s development team rolled out the Teleporter tool soon after.
This allows for seamless cross-subnet transfer of tokens, NFTs, and oracle data – promoting interoperability across Avalanche’s multi-chain ecosystem.
Avalanche’s technical prowess was further boosted by the high-profile partnership with gaming giant Nexon.
The two are collaborating to launch a Web3-enabled version of the hugely popular MMO MapleStory on a dedicated Avalanche subnet.
These three significant developments have helped supercharge Avalanche’s capabilities – with investors piling into AVAX in anticipation of even higher highs in the weeks ahead.
eTukTuk’s Groundbreaking P2E Tuk-Tuk Ecosystem Leads to $2m ICO Raise
While Avalanche’s price moves have been firing up investors, another major narrative in the crypto market is the success of eTukTuk’s ongoing token sale.
eTukTuk is pioneering an innovative new model to revolutionize transportation in developing countries.
The core idea is to replace polluting gas-powered tuk-tuks with clean, affordable electric versions dubbed “eTukTuks” running on advanced tech.
According to eTukTuk’s whitepaper, these locally manufactured vehicles have advanced safety features like roll cages and LFP battery units.
A network of solar-powered charging stations, route optimization through AI, and a blockchain-based ride-hailing app complete eTukTuk’s ecosystem.
What’s caught investors’ attention, however, is the generous incentives for TUK stakers.
Those securing the network by staking TUK can earn up to 124% APY – far higher than what most staking protocols offer.
Adding to the excitement around eTukTuk, the team is developing a Play-to-Earn (P2E) game inspired by classics like Crazy Taxi, where users can drive virtual eTukTuks around Sri Lanka to earn TUK tokens.
With such an ambitious vision combining clean energy, AI, crypto incentives, and gaming, it’s no wonder thousands of people have piled into eTukTuk’s Telegram channel to hear from the development team.
eTukTuk’s ICO has also been a hit, raising over $2 million already and offering TUK tokens for just $0.028.
Given the discounted TUK price, many investors consider it a no-brainer opportunity to get in early before the token makes its open market debut later this year.
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