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Avalanche Rising: Will The Wine Capital Fund Turbocharge Gains Above $40?

newsbtc.com 17 May 2024 04:54, UTC

AVAX, the native currency of Avalanche, a high throughput blockchain, is rising, adding an impressive 9% from May 15 lows. Buyers are taking over after weeks of lower lows. While the expansion of Bitcoin prices could explain these gains, there could be more.

Fine Wine Investment Fund Tokenized On Avalanche

Avalanche has announced tokenizing a fine wine investment fund, a move that would see the platform ride on the wave of tokenization. In a statement, Avalanche said the Wine Capital Fund has been tokenized by Oasis Pro and listed on ATS via the Avalanche C-Chain, where smart contracts are deployed.

The number of real-world assets (RWA) being onboarded is rising. When writing, data from RWA.xyz reveals that over $7.6 billion worth of private credit has been tokenized. At the same time, months after announcing the deployment of the BUIDL fund on Ethereum, it manages over $381 million of tokenized United States treasuries.

Efforts On Meme Coins, DeFi: Will AVAX Break $40?

Avalanche is not only making progress in tokenization; earlier, they announced efforts to encourage meme coin activity on-chain. To do this, the Avalanche Foundation launched Memecoin Rush, a $1 million liquidity mining incentive program.

As of mid-May 2024, DeFiLlama data shows that Avalanche DeFi protocols manage over $945 million. The number has shrunk by over 90% since November 2021, at over $10.9 billion.

BINANCE:AVAXUSDT Chart Image by Bitcoin_Analyzer

AVAX prices are stable at spot rates. However, with the coin finding support at $30 and printing a triple bottom, the path of least resistance appears northward toward $40 or higher.

Feature image from UnSplash, chart from TradingView

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