💥💥💥 #Avalanche Rising: Will The Wine Capital Fund Turbocharge Gains Above $40?

AVAX, the native currency of Avalanche, a high throughput #Blockchain , is gaining traction, rising an impressive 9% from its May 15 lows. This upward movement comes after a period of declining prices. While the rise in Bitcoin prices may be contributing to AVAX's gains, there are other factors at play.

#Tokenization of Fine Wine Investment Fund on Avalanche

- Avalanche has recently announced the tokenization of a fine wine investment fund, capitalizing on the growing trend of tokenization. In a statement, Avalanche revealed that the Wine Capital Fund has been tokenized by Oasis Pro and listed on ATS via the Avalanche C-Chain, where smart contracts are deployed. The tokenization of real-world assets (#rwa ) is on the rise, with data from RWA. xyz indicating that over $7.6 billion worth of private credit has been tokenized. Additionally, months after deploying the BUIDL fund on Ethereum, the fund now manages over $381 million of tokenized United States treasuries.

Efforts in Meme Coins and DeFi: Will AVAX Break $40?

- Avalanche is not only advancing in tokenization but also in promoting meme coin activity on its chain. The Avalanche Foundation recently launched Memecoin Rush, a $1 million liquidity mining incentive program aimed at boosting meme coin activity.

As of mid-May 2024, data from DeFiLlama shows that

- Avalanche's #DEFI protocols manage over $945 million. Although this is a significant decline from the peak of over $10.9 billion in November 2021, the current stability in AVAX prices suggests potential for further growth. With AVAX finding support at $30 and forming a triple bottom pattern, the path of least resistance seems to be upward, with a potential target of $40 or higher.

Source - newsbtc.com