Hello Everyone, it's another interesting week in crypto, and I've added a new coin to my Wallet.
I took some profits from my ADA holdings, because.. I really dislike the lite ADA wallet, and I rode it from .20 to $2 and some change, and I'm not that bullish on it going forward.
I wanted to find another young chain to speculate on and mostly due to hype, I bought some AVAX.
AVAX is the staking token for the Avalanche Blockchain, it earns staking rewards, controls governance and pays for transaction fees on the Avalanche chain.
Their Website, like most crypto websites, is a dump of buzz words that could literally be used by any chain, including Hive. Fast, cheap, easy to build on is the best summary I can think of.
Which basically means fast, cheap transactions on a POS (Proof of Stake) chain. Almost every chain uses these attributes to market with, so nothing exciting here.
A marketing phrase that is still working though, is the "ETH Killer", or ETH Competitor phrase and they use that as well as smart contracts, defi, NFTs and all the things that ETH excels at.
And they allow a bridge to move assets from one platform to another which is pretty cool.
They have a huge and Active community on Discord, Telegram, Twitter and other places and they are getting attention from the popular pod-casts.
So, I decided to check out their wallet, because that was a ADA deal breaker.
I was able to quickly set up a wallet and transfer a few tokens in.
Using the now common MNEMONIC Phrase
Easy and typical, nothing fancy here.
AVAX currently is 14th on CoinMarketCap, and it's transactions are trending up as well as unique wallet addresses. It has a capped total supply of 720,000,000 and trades on nearly all of the common exchanges.
Current price $62ish on various exchanges, and my entry point was $60.
This coin is a bit mature for a huge run, but still has room to grow, if it continues to attract new users. I hope it is a solid investment, but this isn't likely to bring extreme wealth as it has already gained a lot of attention.
What do you think of AVAX and what projects are you excited about?
