Burn

Avalon

Impact

Coin

<p style="text-align: justify"><strong>Avalon Labs</strong> completed a substantial financial maneuver by carrying out a $1.88 million buyback and burn of their primary asset, AVL coin. This step removed 37% of the circulating supply from the market. Following this announcement, the price of AVL coin saw a 9% surge, reaching $0.15.</p>
<h2 id="avalon-labs-coin-burning-strategy">Avalon Labs’ Coin Burning Strategy</h2>
<p style="text-align: justify">On September 10, Avalon Labs disclosed that since June, they have repurchased AVL coins from the Bybit exchange using 1.88 million <a href="https://en.coin-turk.com/tether-plans-to-lend-billions-from-its-massive-reserves/" rel="noopener noreferrer nofollow">USDT</a>. Each AVL coin was bought at an average price of $0.1347, leading to a total of 13.9 million AVL coins being permanently eliminated from circulation. This effort brings the total burned to 93.9 million coins, corresponding to 37% of the supply.</p>
<p style="text-align: justify">The company financed the coin burning plan via their monthly protocol revenue. Avalon Labs reinvested these earnings to acquire AVL on Bybit, subsequently transferring them to a burn address at regular intervals.</p>
<p style="text-align: justify">In the same announcement, Avalon Labs underscored its commitment to expanding in the blockchain-based capital markets sector. Additionally, the first half of the year saw Bybit integrating Avalon’s BTC Lending protocol, bridging centralized and decentralized finance worlds.</p>
<h2 id="market-impact-on-avl-coin-price">Market Impact on AVL Coin Price</h2>
<p style="text-align: justify">Post-burn, AVL coin’s value rose 9% in a day to $0.15. Despite this uptick, it remains approximately 70% below its peak of $0.70 reached in May. The daily trading volume also increased by 9%, exceeding $25 million.</p>
<p style="text-align: justify">The total circulating AVL coin supply is capped at 1 billion, with around 161 million currently in circulation, representing just 16.6% of the market. More coin unlocks are anticipated in the coming months, potentially affecting the supply dynamics.</p>
<p style="text-align: justify">AVL coin began trading in the market following the completion of a February AirDrop. It is also known that YZi Labs, backed by <a href="https://en.coin-turk.com/binance-temporarily-suspends-transactions-of-8-altcoins-due-to-multichain-issues/" rel="noopener noreferrer nofollow">Binance</a>, invested in the project in May.</p>
<p>The post <a href="https://en.coin-turk.com/avalon-labs-accelerates-avl-coin-burn-with-strategic-buyback/" rel="noopener noreferrer nofollow">Avalon Labs Accelerates AVL Coin Burn with Strategic Buyback</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Avalon Labs Accelerates AVL Coin Burn with Strategic Buyback

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