Interest in altcoins continues to grow as major cryptocurrency companies adopt altcoin treasury strategies. This has recently led to a surge in interest in Avalancha (AVAX).
Accordingly, Nasdaq-listed AgriFORCE announced that it will rebrand as AVAX One, targeting $550 million for AVAX reserves.
Following AgriFORCE’s AVAX move, popular crypto detective and World Liberty Financial (WLFI) advisor Ogle opened a large long position in Avalanche.
According to a post by blockchain data platform Lookonchain, Ogle placed a bet on AVAX, opening a $2.2 million long position with 10x leverage.
Accordingly, Ogle opened the position at an entry price of $33.88 and will be liquidated if the AVAX token falls below $15.50.
Besides Ogle, other whales are also targeting AVAX for further gains. Whale wallet “0xb2ca” opened a $17.2 million long position on AVAX with 5x leverage, generating over $900,000 in unrealized profits in nine hours.
AVAX, which has gained 8% in the last 24 hours, continues to trade at $34.6.
*This is not investment advice.