Major cryptocurrency investors and an influential adviser in the crypto sector have invested millions in expecting a price surge of Avalanche’s native utility token following the recent corporate treasury announcement and the filing of Avalanche exchange-traded funds (ETFs).
Notable crypto investigator and World Liberty Financial (WLFI) adviser, Ogle, took a $2.2 million long position with 10x leverage, anticipating an increase in the Avalanche (AVAX) token’s value.
This position was established at an entry price of $33.88 and could face liquidation if the AVAX token drops below $15.50, as reported by the blockchain data platform Lookonchain.
The WLFI adviser made this leveraged wager shortly after AgriFORCE Growing Systems, an agricultural tech firm, disclosed a strategic shift to establish a $550 million AVAX corporate treasury.
The company plans to rebrand as AVAX One and aims to accumulate a total of $700 million in AVAX tokens as part of its long-term vision. After the AVAX treasury announcement, the company’s shares skyrocketed by over 200% when trading opened on Monday, as Cointelegraph reported earlier.
The company’s advisory board will be chaired by Anthony Scaramucci, the founder of SkyBridge Capital and a notable figure in crypto investments, along with Brett Tejpaul, who leads Coinbase Institutional.
Furthermore, large investors are increasingly seeking exposure to AVAX. Whale wallet “0xb2ca” initiated an AVAX long position with 5x leverage valued at $17.2 million, generating over $900,000 in unrealized profits within just nine hours.
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AVAX still 76% down from all-time high despite rising corporate adoption
In the wake of the recent treasury announcement, the AVAX token has ascended over 10.8% in the past 24 hours, trading at $34.45 at the time of this writing.
Despite this surge in corporate interest, the AVAX token remains more than 76% lower than its all-time high of $146 achieved nearly four years ago on November 21, 2021, according to TradingView data.
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The Avalanche Foundation — the nonprofit organization behind the development of the Avalanche blockchain — is also engaging with investors to raise a $1 billion crypto treasury fund aimed at acquiring AVAX tokens at discounted prices, as reported by the Financial Times on Thursday, citing sources familiar with the situation.
The fundraising effort encompasses two possible arrangements, with the initial one targeting a $500 million private placement spearheaded by the blockchain investment firm Hivemind Capital based in New York.
To further demonstrate increasing investor interest in AVAX, crypto-focused asset management firm Grayscale submitted an updated Form S-1 to the US Securities and Exchange Commission for its spot Avalanche ETF on August 25, as Cointelegraph previously reported.
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