Bitcoin

Avalanche

Gains

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126107/332997/avax.jpg" srcset="https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_1787_715.jpg 1787w, https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_1200_480.jpg 1200w, https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_900_360.jpg 900w, https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_720_288.jpg 720w, https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_600_240.jpg 600w, https://cimg.co/news/126107/332997/responsive-images/avax___media_library_original_300_120.jpg 300w" width="1787" class="content-img" alt=""><figcaption>AVAX/USD Chart / Source: TradingView</figcaption></figure>AVAX, the native token that powers high throughput layer-1 blockchain protocol Avalanche, has pumped another 5.5% on Friday, takings its gain on the week to close to 10%, as the launch of a new SocialFi (web3 social media platform) called Stars Arena on its blockchain generates hype.As per CoinGecko, AVAX is up close to 6% in the last 24 hours and 17% in the last seven days, making it the top-performing cryptocurrency in the top 20 by market capitalization over both time periods.<a href="https://cryptonews.com/coins/avax-avalanche/">AVAX</a> was last changing hands close to $10.70 per token, having broken convincingly to the north of both its 21 and 50-Day Moving Averages this week.The cryptocurrency has arguably been in an uptrend since breaking out of a downtrend in late September that had been in play going all the way back to July.Bulls are now eyeing a retest of resistance in the low $11s per token, where the late August high and 100DMA reside.<figure class="image"><img src="https://cimg.co/news/126107/332998/avax.jpg" srcset="https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_1787_715.jpg 1787w, https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_1200_480.jpg 1200w, https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_900_360.jpg 900w, https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_720_288.jpg 720w, https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_600_240.jpg 600w, https://cimg.co/news/126107/332998/responsive-images/avax___media_library_original_300_120.jpg 300w" width="1787" class="content-img" alt=""></figure><h2 id="strong-avalanche-on-chain-activity-jumps-as-stars-arena-gains-traction-strong">Avalanche On-chain Activity Jumps as Stars Arena Gains Traction</h2>Daily transaction on the Avalanche blockchain hit their highest level since May earlier this week at above 550,000, as per <a href="https://snowtrace.io/charts">snowtrace.io</a>, in a sudden surge in on-chain activity that has been linked to the recent launch of SocialFi platform Stars Arena.<figure class="image"><img src="https://cimg.co/news/126107/332996/snowtrace.jpg" srcset="https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_1692_692.jpg 1692w, https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_1200_491.jpg 1200w, https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_900_368.jpg 900w, https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_720_294.jpg 720w, https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_600_245.jpg 600w, https://cimg.co/news/126107/332996/responsive-images/snowtrace___media_library_original_300_123.jpg 300w" width="1692" class="content-img" alt=""></figure>Stars Arena is an Avalanche-based fork of the <a href="https://cryptonews.com/news/friendtechs-revenue-growth-exceeds-10000-eth-milestone.htm">Friend.tech</a>, a crypto-powered social media platform designed to streamline the process of monetization of social media influencers and personalities.As of the 6th of October, Stars Arena had a <a href="https://cryptonews.com/news/total-value-locked-in-defi-is-a-deceptively-complicated-metr-11231.htm">trade value locked</a> (TVL) of $2.5 milllion, up from only around $30,000 on the day of the protocol&rsquo;s launch last Wednesday.That makes it the second largest SocialFi platform by TVL, second only to its predecessor Friend.tech.Impressive growth continues despite the protocol&rsquo;s users coming under attack soon after its launch.<figure class="media"><oembed url="https://twitter.com/starsarenacom/status/1709934535570608172"></oembed></figure><h2 id="strong-price-prediction-where-next-for-avalanche-avax-strong">Price Prediction &ndash; Where Next for Avalanche (AVAX)?</h2>Assuming Stars Arena continues to attract interest to the Avalanche blockchain and drive up on-chain activity, this should continue to underpin the AVAX price and <a href="https://cryptonews.com/news/avalanche-price-prediction-as-avax-becomes-top-20-crypto-world-time-buy.htm">price predictions</a> should remain bullish.If the cryptocurrency is able to break to the north of the aforementioned resistance zone in the low $11s, a quick rally towards the 200DMA at $13.5 is on the cards.That could mean quick gains of another 25% from current levels.<h2 id="strong-crypto-investments-worth-considering-strong">Crypto Investments Worth Considering</h2>Blue-chip cryptocurrencies such as <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin</a> (BTC) and <a href="https://cryptonews.com/guides/what-is-ether.htm">Ether</a> (ETH) should form the bread and butter of any crypto investor's portfolio.But if investors want exposure to potentially exponential near-term gains, they should consider an alternative high-risk-high-reward investment strategy &ndash; investing in <a href="https://cryptonews.com/news/best-crypto-presales.htm">crypto presales</a>.This is where investors buy the tokens of up-start crypto projects to help fund their development.These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.If an investor can identify such projects, the risk/reward of their presale investment is very good.The team at Cryptonews spends a lot of time combing through presale projects to help investors out.Here is a list of 13 of their favorite crypto presales for 2023.<a href="https://cryptonews.com/news/best-crypto-presales.htm">See the 13 Cryptocurrencies</a>Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
]]>

Avalanche Price Prediction as AVAX Pumps Another 5.5% on SocialFi Hype and Rising On-Chain Activity

Table of Contents

Cryptonews.com

Other articles published on Oct 6, 2023

Sam Bankman-Fried and a college roommate discussed FTX’s $8 billion hole on a paddle tennis court...

Disney and Microsoft Bing AI’s Image Generator Raise Copyright and Ethical Concerns

Avalanche-based Stars Arena quells ‘coordinated FUD’ after patching exploit

Third and last opportunity for EMAX investors to purchase celebrity promo suit

5 EV Stocks of Canada That Must Be In Every Investor’s Radar

24 Crypto Update, 05 Oct: Crypto dips ahead of crucial jobs data

Join our free newsletter for daily crypto updates!