Today, the price of Avalanche’s native $AVAX token is surging compared to the market leaders bitcoin ($BTC) and ethereum ($ETH). The $AVAX token, which powers the Avalanche blockchain, has seen a 6.2% increase in the last 24 hours and a significant 17% surge in the last seven days, reaching a current price of $24.64. This remarkable performance positions the $10 billion market cap token as the top-performing Layer 1 asset among the top fifteen cryptocurrencies by market capitalization. In contrast, bitcoin has only grown by 1.8% in the last day, with a current price of $60,485, representing a 1.9% growth from a week ago. ethereum, on the other hand, experienced a modest 0.7% advance overnight but slipped by 1.4% over the past week to trade at $2,614 at the time of writing.
Avalanche’s $AVAX: Grayscale news and Recent Price Performance
The recent spike in the price of $AVAX can be attributed to the announcement made by Grayscale, a prominent crypto asset management firm, regarding the launch of the Grayscale Avalanche ($AVAX) Trust. This news has injected renewed optimism among $AVAX holders, who had been grappling with a price slump that saw the token hit a low of $17.55 on August 5 during a broader market correction. Despite the challenges, the current price surge represents a 40% rebound since the low point, signaling positive momentum for the coin's recovery. Looking ahead, Avalanche is eyeing the $25 mark as a key level to surpass, potentially paving the way towards breaking through the $28 resistance level observed in late July.
However, with a current Relative Strength Index (RSI) score of 75 indicating an overbought condition, a cooling-off period might be on the horizon, leading to a possible slowdown in the rally. It remains to be seen how $AVAX holders will navigate the market dynamics as the token attempts to stabilize around the $25 level.
As $AVAX Avalanche Slows Down, Investors Explore Meme games
While Avalanche continues to attract attention as a Layer 1 solution, some investors view it as a relatively lesser option compared to established platforms like Toncoin ($ton) and ethereum. For those seeking a diversified crypto portfolio, allocating a portion towards meme coin presales could offer an exciting alternative. Platforms like The Meme games ($MGMES) have gained traction, raising over $379,000 in funding.
Investors participating in the $MGMES presale can choose from meme coin avatars such as Dogecoin, pepe, DogWifHat, Brett, and Turbo, unlocking a 25% bonus chance on their initial purchase as their chosen avatars race against each other. With $MGMES tokens priced at $0.0093 during the presale phase, investors have the opportunity to acquire 10,000 tokens for just $93, marking the lowest price point before incremental increases to $0.00935 over the next two days.
The project's official website and whitepaper emphasize the benefits of staking tokens during the presale, offering a lucrative 529% annual percentage yield (APY) for early participants. As the APY decreases with more stakers, early and significant staking positions are encouraged to maximize returns. Notably, staking is exclusive to the ethereum network, providing participants with additional incentives for engagement.
Despite being in presale, $MGMES has already proven to be a more profitable token compared to Syscoin’s $SYS, showcasing early signs of potential success in the emerging meme coin market. As investors explore new opportunities in the crypto space, projects like The Meme games offer a unique avenue for engagement and potential financial gains, providing a dynamic and exciting addition to the evolving crypto landscape.
