Avalon Labs has carried out one of its largest token burns to date, removing nearly 14 million AVL from circulation in a move that wiped out 37% of the supply.
The $1.88 million buyback and burn was completed using protocol revenue collected over the past few months, with tokens acquired at an average price of $0.1347.
The announcement sparked a sharp reaction in markets, sending AVL up 9% to $0.15 earlier today. Trading activity also climbed, with daily volumes surpassing $25 million. Still, the token remains far below its all-time high of $0.70, keeping investors cautious about its longer-term trajectory.
Since June, Avalon has retired more than 93 million AVL through a series of burns. Executives say the strategy is central to reinforcing token value while positioning the platform as a leading capital market for Bitcoin.
Avalon has also been expanding ties across the industry, including a collaboration with Bybit, which recently integrated its BTC lending protocol to link CeFi and DeFi activity.
Backed earlier this year by Binance-affiliated YZi Labs, Avalon continues to gain visibility despite its early stage.
The AVL token only launched in February following its airdrop, and with just 16.6% of its 1 billion supply unlocked so far, investors are watching how upcoming token releases will affect price stability.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/avalon-labs-just-burned-over-a-third-of-its-token-supply/