Avalanche's native token, AVAX, is gaining momentum, driven by institutional activity and a partnership with FIFA. According to CryptoSlate data, AVAX surged 11% in the last 24 hours, reaching $25.16 on May 23, 2024.
This rise continues a week-long trend, with the token up approximately 7%. This upswing coincides with a broader market rally, though AVAX's rise is also due to developments within its ecosystem.
On May 22, 2024, FIFA launched its Layer-1 blockchain on Avalanche to boost global access and fan engagement. The blockchain powers platforms like FIFA Collect, offering digital collectibles and VIP experiences.
On May 21, 2024, VanEck revealed plans to launch a dedicated fund focused on Avalanche-based projects in June. The PurposeBuilt fund will invest in tokens and ventures across AI, payments, gaming, and finance.
VanEck also plans to allocate capital into tokenized real-world asset markets on Avalanche. This will help maintain liquidity while exploring long-term blockchain exposure.
This article is based on our author's analysis of materials taken from the following resource: CryptoSlate.