This Altcoin exploded 300% after Changpeng Zhao (CZ) tweeted it

A recent endorsement by former Binance CEO Changpeng Zhao (CZ) of blockchain-based travel platform Travala has sent its AVA token soaring by more than 300% in the past 24 hours.

The increase also follows a number of announcements, including new market listings and major achievements for the company.

Influence of CZ

On December 11, Travala reported that its annual revenue had reached $100 million, up from $59.6 million in 2023. This success was made possible by growing demand for flight and hotel bookings paid with crypto. It also coincided with the company’s disclosure of a new strategy: It intends to hold a portion of its cash reserve in AVA and Bitcoin in the manner popularized by Michael Saylor’s MicroStrategy.

However, Zhao’s Dec. 12 post on X highlighting his company’s initial investment in Travala, which dates back to the pre-Covid era, tipped the scales, exciting the market and fueling curiosity of the investors.

Hailed as one of the “OGs of Crypto” by some X users, Zhao’s influence within the blockchain and crypto industry is well documented. By drawing attention to Binance’s early participation, it not only bolstered Travala’s credibility, but also signaled its long-term growth potential, at least that’s how the market took it based on price performance.

According to social metrics platform LunarCrush, CZ’s post, viewed more than 1.3 million times, led to a marked increase in social activity related to the AVA. As a result, it experienced an explosive price increase of 350%, jumping from $0.75 to a high of $3.38 in just one day.

Performance and prospects

At the time of writing, the token was still nearly 310% higher than its level 24 hours ago. Its current price also represents an improvement of 286.6% in seven days and an even more impressive jump of 541% in 30 days.

It also recorded a 24-hour trading volume of more than $890 million per CoinGecko data, a 28,436% increase over the period, highlighting the catalytic nature of CZ’s release.

With a circulating supply of 56.3 million units, each costing over $3.00, AVA now has a valuation of nearly $172 million, placing it at #445 on the cryptocurrency list with the larger market caps.

The token has massively outperformed the broader crypto market, which is down 2.20% in the past seven days, and similar assets in the Ethereum ecosystem, which are up 12.7% on average.

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