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.
CZ’s 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 firm’s 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 Saylor’s MicroStrategy.
However, Zhao’s December 12 post on X highlighting his firm’s 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, Zhao’s influence within the blockchain and crypto sector is well-documented. By drawing attention to Binance’s early involvement, he not only reinforced Travala’s credibility but also signaled its potential for long-term growth – at least that’s how the market took it based on the price’s performance.
According to the social metrics platform LunarCrush, CZ’s 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 CZ’s 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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