The price of Avalanche’s native $AVAX token is pumping today compared to market leaders Bitcoin ($BTC) and Ethereum ($ETH).
The $AVAX token underpinning the Avalanche blockchain is up 6.2% in the last 24 hours and 17% in the last seven days at its current price of $24.64.
This means the $10 billion market cap token is the best-performing Layer 1 asset among the fifteen biggest cryptocurrencies by market capitalization.
By contrast, Bitcoin only added 1.8% in the last 14 hours. With $BTC’s current price of $60,485, this represents a $1.9% growth from this time last week.
Ethereum advanced 0.7% overnight but retreated 1.4% over the last seven days to change hands at $2,614 as of this writing.
So, what exactly is causing traders to go long on $AVAX?
Avalanche’s $AVAX: Grayscale News and Recent Price Performance
Earlier, crypto asset manager giant Grayscale announced that it has launched a Grayscale Avalanche ($AVAX) Trust to add to its suite of regulated crypto investment products.
The news has surely lifted the spirits of $AVAX holders, who haven’t fully recovered from a recent low of $17.55 posted on August 5, the day of a market-wide crypto crash.
But today’s price still marks a 40% rebound since then, which bodes well for the coin’s recovery.
Still, while support may have fallen, Avalance is looking to regain $25 very quickly, and could use this as a leg-up beyond the $28 resistance level last seen throughout late July.
However, a current relative strength index (RSI) score of 75 signals an overbought asset. Once this cools off, so too will the rally.
$AVAX holders will be hoping the dust will settle on $25.
As $AVAX Avalanche Slows Down, Investors Find The Meme Games
Avalanche is another Layer 1 option, but for many investors it pales in comparison to Toncoin ($TON) or Ethereum because of the well-established and innovative development happening on those chains.
Investors looking to cast their net widely in crypto may want to allocate a small portion of their portfolios into some of the viral meme coin presales that are around if they want to feel the tinderbox excitement of classic crypto bull runs.
One such presale, called The Meme Games ($MGMES). has raised over $379,000.
Those who buy $MGMES tokens now are prompted to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial purchase.
$MGMES is currently selling at a fixed presale price of $0.0093. In two days it rises incrementally to the next fixed price of $0.00935.
This means today’s investors can purchase 10,000 $MGMES at just $93.
This is the lowest price the token will be at for the rest of the presale season, which runs concurrently with this year’s Paris Olympics and Paralympics.
Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.
The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the tidy 529% APY on offer right now.
This figure decreases with the number of stakers, so participants will want to stake early and stake big to maximize yield. Notably, staking is only available on Ethereum.
Even though it’s only in presale, $MGMES is already a more profitable token than Syscoin’s $SYS.
Follow The Meme Games on Twitter and Telegram.
Join the presale via the official website.
The post Avalanche’s $AVAX Price Turns Green, Is It Too Late to Jump In? appeared first on Cryptonews.
