In a recent development, open-source blockchain Avalanche (AVAX) has been chosen as the platform for Republic’s latest venture, the Republic Note. This revenue-sharing tokenized security offers exposure to Republic’s diverse investment portfolio, featuring Web3 companies like Avalanche, DappRadar, and Dapper Labs.
In the recent tweet, Republicnote, an official account of Republic Note, a flagship investment product by Republic, announced the upcoming launch of Republic Note on Avalanche, emphasizing the significance of this move before the Note’s market listing.
We’re excited to announce that Republic Note will be launching on @avax.
— Republic Note (@republicnote) November 17, 2023
This is a major milestone that marks the final leap before the Note’s market listing.
Details ↓
If you’re new:
Republic’s flagship investment product — the Republic Note — is a novel, dividend-paying… pic.twitter.com/yTnyXcS11y
Republic Note, described as a “digital asset backed by an evergreen private equity portfolio,” was initially priced at $0.36 per token, with a total supply capped at 800 million. Before hitting exchanges, approximately 372 million Republic Notes are set to be in circulation.
The decision to launch on Avalanche was motivated by Republic’s need for a blockchain network capable of reaching and scaling with a global audience of investors, according to Republic’s president, Andrew Durgee.
Despite the positive momentum following JP Morgan’s collaboration with Apollo Global on a proof-of-concept using the Avalanche blockchain, AVAX experienced a 12% decline in the last 24 hours, marking it as one of the top crypto assets with losses during this period.
Reports connect AVAX’s recent price drop to a decrease in capital inflow into the altcoin’s spot market. The Chaikin Money Flow (CMF), a measure of buying and selling pressure, trended downward, indicating an increased liquidity exit from the AVAX spot market.
Interestingly, despite the decline in fund inflow, key momentum indicators for AVAX, including the Relative Strength Index (RSI) and Money Flow Index (MFI), were 65.04 and 67.33, respectively. These values suggested that market participants still favored accumulation over distribution, showcasing continued interest in AVAX.
Investors and analysts are closely monitoring these developments as the market navigates through price fluctuations. The partnership with Republic and JP Morgan have undoubtedly added layers to AVAX’s market dynamics, creating a complex landscape for traders and investors alike.
As of the latest data, Avalanche (AVAX) is priced at $21.16, reflecting a 4.19% decrease in the last 24 hours. The market cap stands at $7,524,309,225, positioning AVAX as the 12th largest cryptocurrency. The 24-hour trading volume is notable at $1,040,847,065, ranking it 7th in volume across all cryptocurrencies. The volume-to-market cap ratio is 23.55%, indicating active trading. As the crypto space evolves, AVAX’s performance will be closely watched, and its resilience amid market shifts will undoubtedly play a crucial role in shaping its future trajectory.
