The Avalanche Treasury Co. plans to become a public entity, aiming to acquire up to $1 billion worth of AVAX, driving a brief surge in the token’s price despite a weeklong decline.
AVAX surged to an intraday high of $31.32 following the Avalanche Treasury Co.'s announcement of plans to acquire up to $1 billion worth of AVAX. This news highlights the growing institutional interest in the Avalanche ecosystem. Despite the positive development, the token has faced a significant 18% decline over the past week, struggling with resistance at $30.28 and weak support at $27.65.