AVAX Price Shoots 10% As Avalanche Foundation Announces Token Repurchase from Luna

Quick Summary:

The AVAX price has surged by a staggering 10% in the last few hours after the recent announcement by the Avalanche Foundation of a repurchase agreement with the Luna Foundation Guard (LFG) – the entity associated with Terra blockchain – to buy back all tokens sold back in 2022.

The Luna Foundation purchased AVAX as part of its reserves to boost the strength of its UST stablecoin.

The announcement has led to huge bullish momentum for the AVAX price as bulls rush to fill their bags beforehand.

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Article Details

Author / Journalist: Bhushan Akolkar

Category: Crypto

Markets: IndiaColombia

Topics: Avalanche (AVAX) LUNA Crash 24/7 Cryptocurrency News Altcoin News AVAX price Terraform Labs

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-12 @ 04:44:15 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 503 words

Reading Time: 3 minutes read

Sentences: 36 lines

Sentence Length: 14 words per sentence (average)

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Copyright Owner: © CoinGape

News ID: 23005168

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