This Altcoin Exploded by 300% After Changpeng Zhao (CZ) Tweeted About It
A recent endorsement by former Binance CEO Changpeng Zhao (CZ) of the blockchain-driven travel platform Travala has skyrocketed its AVA token by more than 300% in the last 24 hours.
The surge also follows a series of announcements, including new market listings and milestone achievements for the company.
CZs Influence
On December 11, Travala reported that its annual revenues had reached $100 million, up from $59.6 million in 2023. This achievement was made possible by the growing demand for flight and hotel bookings paid using crypto. It also coincided with the firms disclosure of a new strategy: It intends to hold a portion of its treasury reserve in AVA and Bitcoin in the manner popularized by Michael Saylors MicroStrategy.
However, Zhaos December 12 post on X highlighting his firms early investment in Travala, dating back to the pre-COVID era, tipped the scales, getting the market excited and fueling investor curiosity.
Hailed as one of the OG of Crypto by some X users, Zhaos influence within the blockchain and crypto sector is well-documented. By drawing attention to Binances early involvement, he not only reinforced Travalas credibility but also signaled its potential for long-term growth at least thats how the market took it based on the prices performance.
According to the social metrics platform LunarCrush, CZs post, viewed more than 1.3 million times, caused a marked rise in AVA-related social activity. As a result, it experienced an explosive 350% price rally, jumping from $0.75 to a peak of $3.38 in just one day.
Performance and Outlook
At the time of this writing, the token was still almost 310% higher than its level from 24 hours ago. Its current price also represents a 286.6% improvement over seven days and an even more impressive 541% jump over 30 days.
Additionally, it registered a 24-hour trading volume exceeding $890 million per data from CoinGecko, a 28,436% increase across the period, highlighting the catalytic nature of CZs post.
With a circulating supply of 56.3 million units, each costing over $3.00, AVA now boasts a nearly $172 million valuation, placing it at #445 on the list of cryptocurrencies with the largest market caps.
The token has massively outperformed the broader crypto market, which is down 2.20% in the last seven days, and similar Ethereum ecosystem assets, which are up 12.7% on average.
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