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Avalanche Price Soars 8% Amid Tokenization of Wine Investment Fund, What’s Next?

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Avalanche’s price experienced a notable surge, soaring by 8%, subsequent to the revelation of its latest endeavor. The tokenization of a fine wine investment fund. This strategic maneuver aims to harness the burgeoning trend of tokenization, thereby widening the spectrum of investment opportunities within the ecosystem. In a formal declaration, Avalanche disclosed that the Wine Capital Fund underwent successful tokenization courtesy of Oasis Pro and is presently listed on ATS through the Avalanche C-Chain.

Avalanche’s Expansion into Tokenized Assets and Wine Market Democratization

In an ambitious expansion move, Avalanche has announced its foray into the realm of tokenized assets, commencing with the tokenization of a distinguished fine wine investment fund. This initiative shows Avalanche’s strategic alignment with the prevailing tide of tokenization, positioning the platform at the vanguard of innovation in the digital asset landscape.

According to official statements, the Wine Capital Fund has undergone the transformative process of tokenization orchestrated by Oasis Pro, subsequently securing a listing on ATS via the Avalanche C-Chain, which serves as the conduit for deploying sophisticated smart contracts. Notably, the ATS represents Oasis Pro’s trading platform, accredited by the United States Securities and Exchange Commission (SEC).

The Wine Capital Fund, characterized as a “closed-end investment vehicle,” specializes in fine wines and operates under the purview of WIVX Asset Management. This strategic alliance signifies a concerted effort towards establishing a robust tokenized asset ecosystem within Avalanche, mirroring the evolutionary trajectory witnessed in prominent blockchain networks such as Ethereum. By embracing tokenization and venturing into the lucrative fine wines market, valued at over $400 billion, Avalanche seeks to democratize access to investment opportunities, fostering inclusivity and broadening the investor base.

Also Read: U.S. Spot Bitcoin ETFs Bought 5x The Total BTC Mined This Week

Avalanche’s Current Market Performance and Recent Initiatives

Presently, the live price of Avalanche (AVAX) stands at $37.43, accompanied by a notable 24-hour trading volume of $424.5 million. Impressively, the coin has witnessed a substantial surge of 8.01% within the past 24 hours, maintaining a trading range between $37.5 and $34.3. Furthermore, Avalanche (AVAX) commands a formidable live market cap of $14.3 trillion. Noteworthy is the surge in the Open Interest of Avalanche (AVAX) by 12.56% over the preceding 24-hour period, reflecting a valuation of $202.7 million, indicative of heightened buy pressure as evidenced by the RSI standing at 75.93.

Beyond its strides in tokenization, Avalanche recently unveiled initiatives aimed at fostering meme coin activity on-chain. To this end, the Avalanche Foundation launched Memecoin Rush, a pioneering $1 million liquidity mining incentive program, modeled after the successful Avalanche Rush initiative. This strategic move not only underscores Avalanche’s commitment to innovation but also accentuates its pivotal role in driving the proliferation of decentralized finance (DeFi) solutions within the high throughput blockchain ecosystem.

Also Read: Crypto Prices Today May 17: Bitcoin & Ethereum Retreat, Chainlink Bags Top Gainer Crown

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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LayerZero ZRO Jumps 40% Amid Market Recovery, What’s Happening?

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LayerZero’s native token, ZRO, has seen a significant 40% price increase amidst a broader cryptocurrency market recovery. This unexpected surge has drawn attention from both investors and analysts, who are now trying to understand the reasons behind this sudden price movement.

The surge is particularly noteworthy as it comes at a time when the overall crypto market is showing signs of recovery. Bitcoin, the leading cryptocurrency, has reclaimed a price level above $56,000 after several days of price downturn.

Price Analysis and Statistics

The current price of ZRO stands at $4.41, with a substantial 24-hour trading volume of $713,879,507.62. This represents a significant 44.80% price increase in just 24 hours. The token’s circulating supply is 110 million ZRO, resulting in a market capitalization valued at $457 Million.

ZRO’s performance over the past week has been particularly impressive, with a 53.90% price surge over 7 days. This rally has pushed its market cap to over $450 million. The token’s trading volume has reached as high as $700 million, indicating strong investor interest.

It’s worth noting that while the current price is 24.58% lower than ZRO’s all-time high, it’s still 45% higher than its all-time low of approximately $2.5, which was recorded on June 27. These statistics demonstrate ZRO’s volatile yet generally upward trajectory in recent times.

Recent Developments & Partnerships

A key factor potentially driving ZRO’s price increase is the project’s focus on strategic collaborations. LayerZero recently announced a significant partnership with Flare, a layer one (L1) blockchain. This collaboration will connect LayerZero to 75 other blockchains, substantially expanding its reach and interoperability.

As part of this partnership, Flare will gain access to over 50,000 decentralized applications (dapps) that utilize LayerZero’s cross-chain messaging standards. This move is likely to enhance LayerZero’s utility and appeal within the cryptocurrency ecosystem.

Such partnerships demonstrate the project’s commitment to growth and innovation, which may be contributing to the increased investor interest in ZRO, despite its current circulating supply of 110,000,202 out of a maximum supply of 1 billion.

Price Movement & Market Sentiment

ZRO’s price journey has been eventful, beginning with intense selling pressure following an airdrop. However, after this initial volatility, which likely eliminated less committed investors, the price has shown a strong recovery. Currently, ZRO is trading just 15% to 17% below its all-time highs, indicating a robust bounce-back. The token is experiencing a minor pullback after its significant recovery, but this is expected to be limited in scope.

Short-term price action suggests that ZRO is facing some bearish pressure as it attempts to continue its upward trend. Despite this, bulls appear to be strongly defending recently gained support levels, which could set the stage for ZRO to reach even higher price targets in the near future. This resilience in the face of selling pressure suggests a positive market sentiment towards ZRO.

Also Read: XRP Flashes Buy Signal For $0.50 Price As Whales, Notable Investors Buy The Dip

Technical Analysis & Future Outlook

Technical indicators are providing bullish signals for ZRO’s future price movement. The StochRSI (Stochastic Relative Strength Index) has reached the upper threshold and is preparing for a reversal, which could indicate a potential price correction or consolidation. Meanwhile, the Ichimoku cloud, another important technical indicator, has recently turned bullish after withstanding some bearish pressure.

Based on these technical factors, analysts believe that the LayerZero (ZRO) price could maintain a healthy ascending consolidation pattern, potentially reaching the $4 mark. Following this, a more significant upswing could drive the price beyond $4.5, possibly leading to a new all-time high around $4.74.

However, as with all cryptocurrency predictions, it’s crucial to remember that the market is highly volatile and unpredictable. While ZRO has shown strong performance and positive indicators, only time will tell if it can meet investors’ expectations and maintain its upward trajectory in the ever-changing crypto market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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6 Cryptos To Stay Cautious Of As $177M Token Unlocks Approach

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The latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.

Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.

$177M Worth Crypto Unlocks Ignite Investor Concerns

Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.

Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.

Aptos (APT)

As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.

APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.

Xai (XAI)

Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.

XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.

It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.

Immutable (IMX)

Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.

IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.

Also, data indicated that 76% of the unlock process had been completed for the crypto.

io.net (IO)

Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.

IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.

Also Read: Ethereum Outflows Climb To $60.7 Million As Institutional Investors Continue To Favor Bitcoin And Solana

Hashflow (HFT)

Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.

HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.

Ethena (ENA)

At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.

Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.

Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Flashes Buy Signal For $0.50 As Whales, Notable Investors Buy The Dip

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The Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data revealed that a whale has accumulated 30 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.

Notably, a recent optimistic buzz surrounding the token is its potential to scale $0.50. The whale activity, emerging amid significant price growth raises market interest.

XRP Whale Activity

Recent on-chain data has revealed significant whale activity in the XRP market, capturing the attention of crypto enthusiasts. A whale address, identified as rDA…Pxr, transferred a staggering 29.7 million XRP coins, valued at approximately $12.7 million, from Binance to an unknown wallet (rfQ…Cvi).

This movement of tokens has coincided with speculation about XRP’s potential to reach the $0.50 price target. The timing of this whale activity is particularly noteworthy, as it coincides with XRP’s recent breakthrough of the $0.42 resistance level.

This combination of large-scale accumulation and price growth has reignited interest in the Ripple Labs-backed cryptocurrency, with many investors closely monitoring the token’s performance for signs of further upward momentum.

Recent Price Movements and Market Sentiment

XRP experienced a tumultuous period in early July, with its price dropping to its lowest level since March 2023. On July 5, amid a broader crypto market crash, XRP plummeted by 12%, reaching a daily low of approximately $0.38. However, the token showed resilience as bulls managed to recover some of the lost ground.

The recovery continued into July 6, with XRP recording minor gains. Market analysts are now contemplating two potential scenarios: If the bullish trend persists, XRP could rally towards the $0.45 resistance level before targeting the much-anticipated $0.50 mark.

Conversely, if selling pressure intensifies, the token might test support levels around $0.407 (aligning with the 38.2% Fibonacci retracement) and potentially drop further to $0.369 (corresponding to the 23.6% retracement). These price movements have created a mix of caution and optimism among XRP investors, who are closely monitoring these key support and resistance levels.

Also Read: Ripple CTO Explains Why Celsius Sued Users Who Pulled Funds Ahead Bankruptcy

Notable Investors and Market Indicators

Amidst the market volatility, prominent figures in the XRP community have made notable moves. Pro-XRP lawyer Bill Morgan has seized the recent downturn as a buying opportunity, purchasing additional XRP at just over $0.40. Morgan’s optimistic stance extends further, as he hinted at plans to acquire more tokens if the price reaches $0.375.

This show of confidence from a key market participant has not gone unnoticed by the XRP community. On the technical analysis front, the Relative Strength Index (RSI) for XRP has entered the overbought territory with a score of 58.8 on the daily charts, suggesting potential bullish momentum.

As of the latest data, XRP is trading at $0.4336, representing a 7.79% increase in the last 24 hours, despite an 8.72% decline over the past week. With a circulating supply of 56 billion XRP, the token’s market capitalization stands at $24.1 billion.

The 24-hour trading volume of $1.1 billion further underscores the active interest in XRP trading. These metrics provide a comprehensive snapshot of XRP’s current market position and the mixed signals investors are grappling with as they assess the token’s short-term prospects.

Also Read: Bitcoin Mega Whale Holdings At Six-Year High After Recent Accumulation

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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