Michael Saylor takes advantage of the dip: $242 million worth of bitcoin purchased

Avalanche announces a $230 million investment on September 16. Crypto investors are thrilled, sending the AVAX share price to a new all-time high.

Things are really going well for Avalanche (AVAX) right now. As the company announced on September 16, Polychain and Three Arrows Capital are leading a $230 million investment round in the project. Investors are also visibly delighted with the latest news. And so, less than 24 hours after the announcement, Avalanche is at a new all-time high of $68.8. Other investors in the process include R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, various angel investors and a family office.

The money will be used primarily to support fast-growing DeFi applications based on the blockchain. Emir Gün Sirer, Director of Avalanche Foundation comments as follows:

Although Avalanche is several years younger than its peers, it has quickly translated its promise and potential into real-world impact and value creation for DeFi users and developers. The community of developers that rallies around the network is a testament to its competitive advantage. And there is still so much potential to be unlocked at the intersection of institutional and decentralized financial applications on Avalanche.

Emin Gün Sirer

Avalanche – A project on the rise

Avalanche claims to be one of the fastest growing blockchain ecosystems. Over 270 projects are thus now using the Blockchain. Prominent names among them: Tether, SushiSwap, Chainlink, Circle and The Graph. Meanwhile, AVAX is one of the top performers of the last crypto month. While you could buy an AVAX Coin for around $27 a month ago, today you already have to pay $67.27 for it. A price increase of 249.1 percent.

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And if Emin Gün Sirer has his way, Avalanche’s journey might have just begun. Because on Twitter, he expressed optimism about the future of his project:

Just a year after the mainnet’s September 2020 launch, Avalanche is still waiting in the wings. That’s because countless live projects are flourishing right now, and Avalanche Rush is still on its way, too. Yet AVAX shows no signs of slowing down its progress, towards more cost-effective and easy-to-use DeFi applications.

Emin Gün Sirer on Twitter