AVAX, the native token of Layer-1 blockchain Avalanche, has experienced a notable increase of 13% over the last 24 hours, positioning it as the top gainer among the top 100 cryptocurrencies by market

The recent surge in AVAX's price follows an announcement on July 19 that ChronosWorlds, a post-apocalyptic RPG game, has selected Avalanche as its preferred blockchain for deployment.

AVAX, the native token of Layer-1 blockchain Avalanche, has seen a significant 13% gain over the last 24 hours, making it the top gainer among the top 100 cryptocurrencies by market capitalization.

At the time of writing, the token is trading at approximately $32.2, up 11.5% in the same period, while its daily trading volume has tripled to around $829 million, according to the latest data from crypto.news.

With the market cap now standing at $12.7 billion, AVAX ranks as the 11th largest cryptocurrency. However, despite the recent gains, it remains 78% below its peak of $146.2, reached on November 21, 2021.

Avalanche was introduced in the autumn of 2020 by a team led by software engineer Emin Gun Sirer, along with Kevin Sekniqi and Maofan “Ted” Yin. The Layer-1 blockchain, which supports smart contracts, quickly positioned itself as a direct competitor to Ethereum.

The recent surge in AVAX’s price follows an announcement on July 19 that ChronosWorlds, a post-apocalyptic RPG game, has selected Avalanche as its preferred blockchain for deployment.

The partnership underscores the growing interest in utilizing robust and stable blockchain platforms like Avalanche for gaming applications. In related news, Fableborne’s first play-to-airdrop event, held on the same day, was hailed as a success, attracting over 77,000 concurrent participants.

Meanwhile, large-scale investors (whales) have also been making waves in the cryptocurrency market. Among the recent observations is a strategy employed by some whales, which involves borrowing a substantial amount of a particular cryptocurrency and sending it to a major exchange, like Binance, in a move that is often interpreted as preparation for shorting the coin.

One such activity was recently highlighted on Twitter, where an account dedicated to tracking whale movements noted the transfer of 500,000 AVAX to Binance, while another 'whale' is borrowing 20,000 BTC from Genesis for a period of three months.

These updates come as the cryptocurrency market at large exhibits a moderate recovery, with Bitcoin rising 7% over the past week and the total market capitalization increasing 0.5% to reach $2.44 trillion.

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