Category: Cryptocurrency News

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Hey Reddit! Hope all is well on this side of the $RVN Community. You may remember the Jackdaw giveaways we ran on Reddit last fall, and since then the token has been fully distributed and the admin asset has been burned, Jackdaw is widely distributed with no central authority. Today I wanted to drop by…
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Avalanche, the blockchain platform poised for a major event in the month of love, is gearing up for a significant development. As February unfolds, the cryptocurrency market is anticipating the release of nearly $900 million worth of vested tokens from a diverse array of projects. This imminent influx into the market has sparked a wave of concerns among investors who are closely watching the unfolding scenario. Projects involved in this token release include Avalanche (AVAX), Aptos (APT), The Sandbox (SAND), Optimism (OP), and SUI. Avalanche is strategically targeting strategic partners, team members, and an airdrop to maintain a balance between long-term commitment and potential short-term sell-offs. Related Reading: Dogecoin Orbit Expands: Over 890,000 New Addresses Join DOGE Community Avalanche Braces For Major Token Release Scheduled for release on February 22, Avalanche is set to unleash 9.5 million tokens valued at approximately $320 million. Similarly, Aptos is gearing up to release 24.8 million tokens worth around $233 million on February 11. The distribution strategy for Aptos aims to ensure market stability while fostering community involvement. The impending release of these vested tokens has put the crypto community on high alert. Investors and analysts are closely monitoring the developments with a mix of excitement and caution. While anticipation surrounds the token releases, there is also a sense of vigilance as market participants evaluate how the surge in supply might impact project valuations and overall stability. Avalanche currently trading at $35.76 on the daily chart: TradingView.com Navigating A Potential Correction Phase: AVAX Price Analysis Avalanche (AVAX) has recently caught the attention of the market with an impressive price performance, boasting a remarkable 470% increase after breaking through its bear market descending trendline on November 1. Recent analyses suggest that AVAX is currently facing resistance at a descending trendline from the December high, which could lead to a price rejection and subsequent decrease. If this correction signifies the commencement of a lasting bull phase for Avalanche, support levels around $20, aligning with the 0.5 to 0.618 Fibonacci retracement levels, may come into play. Following this correction phase, AVAX could potentially embark on a new uptrend, surpassing its all-time high. Image source: DefiLlama Meanwhile, AVAX has grown exponentially in the last year, and according to DeFiLlama data, it is now the sixth-largest DeFi chain. An artificial intelligence (AI) based price prediction model has predicted that the AVAX token’s price would soar by more than 500% from its present levels, reaching over $200 by the beginning of 2025. Related Reading: Chainlink Price Surge Powers Altcoin Market, Bulls Aim For $20 Target Previous AVAX Unlock And Its Impact On The Market It’s crucial to note that AVAX’s previous token unlock on November 23 did not cause significant price fluctuations. However, in the anticipation leading up to the unlock, the price experienced a 16% fall from nearly $23 on November 20 to $19 at the tokens’ release. This historical precedent underscores the importance of closely monitoring market dynamics during token release events. Market participants should exercise caution and carefully consider the potential impact of these developments on their investment strategies. Featured image from Adobe Stock, chart from TradingView

They even use AI to make it look like Vitalik Buterin wants you to send him 4 ETH submitted by /u/manwidplan83 [link] [comments]

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