AVAX received $230 million in funding from institutional investors, should you buy it now?
- The avalanche ecosystem saw $230 million in funding for its expanding ecosystem.
- Its price reached a new all-time high of $68.34.
- It is slowly starting to challenge Ethereum's network dominance across smart contract platforms.
Avalanche AVAX/USD is a blockchain that focuses on high speed as well as low transaction costs. Developers can build and run decentralized applications for much cheaper when compared to other blockchains, and this is why it gained a high level of popularity.
The AVAX token sale as a catalyst for growth
The Avalanche Foundation completed a sale of its AVAX cryptocurrency tokens.
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The Avalanche Foundation Raised $230 million to support decentralized finance (DeFi).
The investment came from a capital group which was led by Three Arrows Capital and Polychain.
All of the proceeds from this private sale are intended to be used for the support of the Avalanche Ecosystem, which is considered to be a challenger to Ethereum.
Avalanche wants to solve scalability issues that are found on other blockchains, and the Avalanche Foundation positions it as a solid alternative. You can run dApps much faster and for a fraction of the cost when compared to Ethereum.
Additionally, the Avalanche Network is also cross-chain compatible with Ethereum, which means that any tokens or projects that operate on top of Ethereum can easily be migrated to the Avalanche ecosystem.
This lets them take advantage of the higher throughput capabilities as well as lower transaction costs.
Should you buy Avalanche (AVAX)?
On September 17, Avalanche (AVAX) had a value of $63.
To get a better perspective of its recent growth, we will be comparing this value to the all-time high value. Additionally, we will also be taking a look at its performance in August. Let’s dive in.
The all-time high value of AVAX occurred on September 17 where the token raised its value up to $68.34. Here we can see that in the span of the same day, the token dropped in value by $5.34 or by 8%.
When it comes to its performance in August, AVAX saw its lowest point on August 3, with a value of $12.48.
In terms of its highest point, it was achieved on August 25 when the token reached a value of $57.88.
This marked tremendous growth, where the token raised its value throughout the month by $45.40 or by 363%.
With all of this in mind, we can expect the token to reach a value of $70 by the end of September, making it a worthwhile buy.
Where to buy right now
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