Large cryptocurrency investors and leading crypto project advisors have placed millions of bets on the price rise of the Avalanche Smart Contract Blockchain’s native utility token following the latest Corporate Treasury announcement and Avalanche Exchange Transaction Fund (ETF) filing.
Ogle, a popular Crypto Sleuth and World Liberty Financial (WLFI) advisor, has opened a long position of $2.2 million with 10x leverage, betting on the price increase of Avalanche (Avax) tokens.
According to blockchain data platform LookonChain, when the Avax token falls below $15.50, the position will open at an entry price of $33.88 and face liquidation.
WLFI Advisors placed the leverage bet shortly after agricultural technology company Agriforce Growing Systems announced its strategic pivot to launch the $550 million Avax Corporate Treasury.
The company plans to rebrand Avax One and accumulate a total of $700 million in Avax tokens as part of its long-term strategy. The company’s shares rose more than 200% at its opening Monday after the announcement of Avax Treasury, Cointelegraph reported Tuesday.
The company’s advisory board will be led by Skybridge Capital founder and well-known crypto investor Anthony Scaramucci, and Brett Tapole, head of the Coinbase Institute.
Whales are also seeking increased exposure to Avax. The whale wallet “0xB2CA” has opened its Avax long position with five times the leverage worth $17.2 million, already generating unrealized profits of over $900,000 within nine hours.
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Avax is still down 76% from an all-time high despite increasing corporate recruitment
Following the latest Treasury announcement, the Avax token has risen above 10.8% in the last 24 hours, trading at $34.45 at the time of writing.
Despite the latest wave of corporate recruitment, Avax tokens remained more than 76% lower than their all-time high of $146 on November 21, 2021, TradingView data shows.
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The Avalanche Foundation, the nonprofit behind the development of the Avalanche Blockchain Network, will discuss with investors to raise $1 billion in cryptocurrency vehicles and get avax tokens at a discounted price.
The pay raise includes two potential deals, and aims to raise $500 million in private placements, led by New York-based blockchain investment firm Hivemind Capital.
According to Cointelegraph, crypto-focused asset management company Grayscale filed an updated form S-1 with the Spot Avalanche ETF’s Securities and Exchange Commission on August 25th.
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