As always in crypto, all is not as it seems. Avalanche are cutting jobs in the US, citing the current market challenges, while hiring new staff in India – as their coin skyrockets. For those that missed the Avalanche rally, there’s another crypto on the horizon, which could go up by as much as 1000% in the next 2 months.
40 people just lost their jobs at Avalanche
In a surprise move a week ago, Ava Labs, the team behind Avalanche, let go of 12% of its workforce. The CEO of Avalanche, Emin Gün Sirer, explained that this was due to the current crypto market downturn. It seems no one has told Sirer about the recent uptick in the market that caused BTC and AVAX to rally by 33% and 86% respectively, over the last month.
The layoffs affected approximately 40 employees, bringing Ava Labs’ team down to 295 from the original 335, as seen on LinkedIn. Many ex-Avalanche team members, like Zach Manafort from the game growth marketing team, shared their experiences on social media, expressing surprise and a sense of loss.
Downturn or restructuring?
Other Avalanche members suggested that the job cuts were actually about ‘restructuring’.
Tellingly, these cuts have come after Ava Labs has begun to expand into India. This suggests that they might be cutting one budget to expand into a market with a cheaper workforce and a larger user base.
AVAX is up by 36% on the weekly. A bitter pill to swallow for the newly unemployed Avalanche team members, but a good sign for the overall crypto industry.
According to experts, there’s a 100x dark horse in the wings
While Avalanche’s 86% monthly gain is impressive, there’s a new coin that brings hope of a 1000% gain for those who get in early. This coin is MGLS and it powers a new project called Meme Moguls. The reason for the bullish prediction is two-fold.
Firstly, the coin is in presale at the very first stage, for $0.0019. Therefore as the coin goes through each stage the price will rise and it’s expected to launch at a 100x from here. Given that it appears we are entering a bull market, it could even exceed the experts’ expectations once it goes live on exchanges.
Secondly, the project is new, fun and innovative, combining the worlds of P2E gaming, memecoin trading, and community.
A hundred millionaires in three months?
The Meme Moguls team has a big goal. While Avalanche are cutting staff, the MGLS team are planning to make 100 memecoin millionaires within months of launching.
Although details are still to be confirmed, speculators see that this could happen in various ways – through savvy investors who jump in now at the presale stage of the MGLS token, from the 10,000 giveaways to MGLS holders as each presale stage concludes, and from the community pooling knowledge about the hottest memecoins set to explode.
When the game and trading platform goes live, meme fans will be encouraged to connect with each other, and compete for MGLS. They will be able to do that in the Meme Moguls casino, and the Fantasy Memecoin League. For those wishing to get a bit more serious, they can earn MGLS by staking and providing liquidity, with the added bonus of mining meme-based NFTs. These NFTs can then be sold and traded. An exciting prospect for memecoin fans and lovers of big gains!
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Source: https://www.analyticsinsight.net/avalanche-crypto-price-rallies-36-after-announcing-internal-job-cuts/