Avalanche drops 30% on fears Terra's LFG will dump AVAX next
Luna Foundation Guard is emptying its crypto reserves to bring its stablecoin back to its $1-peg, risking a massive AVAX selloff. Avalanche (AVAX) is paying the price for being one of the collateral assets that maintain Terra's native stablecoin TerraUSD's (UST) peg with the U.S. dollar.Major AVAX dump ahead?AVAX's price dropped about 30% to reach $32.50 on May 11, its lowest level since September 2021. Its massive intraday decline coincided with UST dropping to as low as 23 cents, which effectively dented its stablecoin status among traders and investors alike.The de-peg incident....
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The collateral damage of Terra’s collapse could continue to impact Avalanche price, especially considering that the Luna Foundation Guard holds 1.97 million AVAX tokens. Avalanche (AVAX) has emerged as one of the worst-performing cryptocurrencies among the top-ranking tokens in the last 24 hours, partially due to fears connected to Terra (LUNA) and its a near-dead UST algorithmic stablecoin project.Avalanche price dips amid Terra's tax evasion FUDAVAX's price plunged by nearly 14% between May 18, where it traded near $35 to May 19 when the price dipped to $28.50. The dip coincided with a....
Following the Luna Foundation Guard’s (LFG) purchase of 5,040 bitcoin on Wednesday, the following day the Singapore-based non-profit announced it will be acquiring $100 million avalanche (AVAX) tokens. LFG detailed on Thursday that the purchase is meant to strategically align the Terra network with Avalanche ecosystems. LFG to Add $100 Million in Avalanche Backing to UST Reserve On Thursday, the Luna Foundation Guard announced that it inked a deal with the Avalanche Foundation to acquire $100 million worth of AVAX, the Avalanche blockchain’s native asset. LFG is a non-profit....
Digital asset treasury firm Avalanche Treasury Co., a part of the Avalanche (AVAX) ecosystem with a special relationship with the Avalanche Foundation, today announced a partnership with the Mountain Lake Acquisition Corp. Avalanche Treasury Firm To Buy $1 Billion Worth Of AVAX According to an official announcement made earlier today, Avalanche Treasury Corp. is set […]
Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month high. Crypto markets mostly rallied as the session progressed, following the release of the latest U.S. inflation numbers. Ethereum classic was one such token, as it moved closer to $40. Avalanche (AVAX) Avalanche (AVAX) was a big mover on Wednesday, as the token moved closer to its highest level since May. Following a low of $26.71 on Tuesday, AVAX/USD surged to an intraday peak of $30.00 earlier in today’s session. The move sees AVAX near Monday’s peak of....
The two main organizations behind the development of the Terra blockchain have purchased a combined $200M in AVAX while Near Protocol is rumored to release a new stablecoin. Terraform Labs (TFL) and the Luna Foundation Guard (LFG) have announced they have purchased a combined $200 million worth of AVAX tokens from the Avalanche Foundation. TFL, the company responsible for the development of the Terra blockchain, swapped $100 million worth of Terra’s native token, LUNA for AVAX tokens, in order to “strategically align ecosystem incentives”, according to Terra’s twitter. LFG, a non-profit....