AVAX, the native token of the Layer-1 blockchain Avalanche, has seen a notable increase of 13% over the last 24 hours, positioning it as the top gainer among the top 100 cryptocurrencies by market capitalization.

Currently, the token is trading at approximately $32.2, up 11.5% during the same period, with its daily trading volume tripling to around $829 million. With the market cap now standing at $12.7 billion, AVAX ranks as the 11th largest cryptocurrency. However, despite the recent gains, it remains 78% below its peak of $146.2, reached on November 21, 2021.

Introduction to Avalanche

Avalanche was introduced in the autumn of 2020 by a team led by software engineer Emin Gun Sirer, along with Kevin Sekniqi and Maofan “Ted” Yin. The Layer-1 blockchain, which supports smart contracts, quickly positioned itself as a direct competitor to Ethereum.

Recent Developments

The recent surge in AVAX’s price follows an announcement on July 19 that ChronosWorlds, a post-apocalyptic RPG game, has selected Avalanche as its preferred blockchain for deployment. This partnership underscores the growing interest in utilizing robust and stable blockchain platforms like Avalanche for gaming applications.

In related news, Fableborne’s first play-to-airdrop event, held on the same day, was hailed as a success, attracting over 77,000 concurrent participants.

Whale Activities

Additionally, recent trading activities by large-scale investors, often referred to as “whales,” have also influenced AVAX’s price dynamics. These investors have reportedly begun to short the cryptocurrency, particularly after it reached a recent low near $26.

Update on the Whale who brought a bunch of Bitcoin to Avalanche a few weeks back with the intention of solely shorting AVAX at a recent bottom near $26 (Borrowed 500K AVAX and sent them all to Binance), his health stands now at 1.5. If AVAX goes $50+ and Bitcoin remains at the current price…

This price movement in AVAX coincides with a broader upward trend in the cryptocurrency market, including a 7% increase in Bitcoin over the past week and a slight overall market uptick of 0.5%, bringing the total market valuation to $2.44 trillion.

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