Avalanche founder CovDuk shared in his Twitter thread the reasons why the price of AVAX is soaring, CovDuk pointed out that the reason for the price of AVAX is soaring because of its solid token distribution. Its supply is capped at 720 million, with 360 million tokens minted at launch, and another 360 million to be issued over 10 years.
CovDuk also noted that AVAX has enormous utility as it is fast, cheap and scalable through its subnetting technology. This has led to many new developers joining to build on AVAX.
AVAX has surged about 12% in the past 24 hours. At press time, the coin is trading at an average price of $90.05. AVAX’s 24-hour trading volume was $2,105,943,120, up more than 42%. According to CoinMarketCap, Avalanche is the 10th largest cryptocurrency with a total market cap of $24.03 billion.
