– AVAX, the native token of Avalanche, has seen a 5.5% pump on Friday, bringing its weekly gain close to 10%.
– The launch of Stars Arena, a SocialFi platform on Avalanche blockchain, has generated hype and contributed to the increase in AVAX price.
– AVAX has shown an uptrend since breaking out of a downtrend in late September.
– On-chain activity on the Avalanche blockchain has surged with the launch of Stars Arena, reaching its highest level since May.
– Stars Arena has gained traction and achieved a trade value locked (TVL) of $2.5 million, making it the second largest SocialFi platform by TVL.
– If Stars Arena continues to attract interest and increase on-chain activity, it is expected to support the AVAX price and maintain a bullish outlook.
– AVAX has the potential to rally towards the 200DMA at $13.5, indicating potential gains of 25% from current levels.
– Investors should consider blue-chip cryptocurrencies like Bitcoin (BTC) and Ether (ETH) as a foundation in their portfolios.
– For potential exponential gains, investors can explore high-risk-high-reward investment strategies such as investing in crypto presales.
– Crypto presales involve buying tokens from up-and-coming crypto projects, often at affordable prices, with the potential for significant exponential gains.
– Identifying promising presale projects with strong teams and revolutionary visions can offer good risk/reward opportunities.
– Cryptonews has compiled a list of 13 favorite crypto presales for 2023 (link not provided).
– Investing in crypto is high-risk, and this article is for informational purposes only and does not constitute investment advice.
The native token of the Avalanche blockchain, AVAX, has seen a 10% gain in price over the past week due to the launch of a new social media platform called Stars Arena on the blockchain. AVAX is up 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. The cryptocurrency has been in an uptrend since September and is currently trading near $10.70 per token. On-chain activity on the Avalanche blockchain has surged recently, with daily transactions reaching their highest level since May, thanks to the popularity of Stars Arena. The platform has seen significant growth, with a trade value locked (TVL) of $2.5 million, making it the second-largest SocialFi platform by TVL. If Stars Arena continues to attract interest and drive up on-chain activity, it could support further price gains for AVAX. A break above resistance in the low $11s could lead to a rally towards the 200-day moving average at $13.5. Investors looking for potentially exponential near-term gains may consider investing in crypto presales, where tokens of new projects are purchased at a low price. This strategy carries higher risk but can result in significant returns for early investors. Cryptonews has compiled a list of 13 favorite crypto presales for 2023. Note: Investing in cryptocurrencies is high-risk and this article is for informational purposes only and should not be considered investment advice.
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