AVAX, TAO and CORE Biggest Crypto Gainers Today – Here’s Why
TAO, AVAX, CORE are the biggest gainers today. Here is why.
Key Takeaways
- Grayscale launches its own Avalanche Trust for AVAX exposure.
- TAO price climbs with increased Avalanche ecosystem interest.
- Core DAO introduced 5x yield multipliers for Bitcoin LSTs.
- These developments made AVAX, TAO and CORE cryptos biggest gainers on Aug. 23.
As the cryptocurrency market starts another round of recovery on Aug. 23 by a modest 2%, some cryptos have shown double-digit gains. TAO, AVAX, and CORE and the top three biggest gainers.
This post will explore why these coins outperformed the market today and their future outlook.
AVAX and Grayscale
Grayscale Investments, the world’s largest crypto asset manager, has launched the Grayscale Avalanche Trust , providing accredited investors with a new way to gain exposure to Avalanche (AVAX). Avalanche is a smart contract platform featuring three-chain architecture. This, at least in theory, enhances scalability, security, and decentralization. The Trust focuses exclusively on AVAX, allowing investors to directly engage with the network’s growth and its role in the evolving crypto ecosystem.
Avalanche has gained significant traction due to its strategic partnerships and technological advancements, particularly in Real-World Asset (RWA) tokenization. This process involves converting physical assets like real estate or commodities into digital tokens on a blockchain, which increases liquidity and accessibility while enabling fractional ownership and global trading. Avalanche’s leadership in RWA tokenization underscores its importance and potential in the broader blockchain ecosystem.
TAO and AVAX
The TAO price increase could be related to the recent news that Grayscale and Franklin Templeton have launched funds on the Avalanche blockchain. This development brings significant institutional attention and investment into the Avalanche ecosystem, potentially driving up interest and demand for projects built on or associated with Avalanche, including TAO. The anticipation of increased adoption and usage of Avalanche,, likely contributes to the rise in TAO’s price as investors speculate on the broader impact of these developments on the Avalanche network and its associated tokens.
Trading Rise Boosts CORE
The recent increase in the price of the Core (CORE) token, which rose about 13.5% on Aug. 23, can be attributed to several factors driving heightened interest and trading activity.
Core DAO’s ongoing initiatives include launching its largest-ever IgnitionDrop Sparks campaign on Aug. 18, offering over 100 million Sparks as rewards.
This initiative aims to increase engagement and community participation. To participate, users must connect their Twitter profile to the Ignition Dashboard and help spread the word about the campaign. This significant drop is part of Core DAO’s broader efforts to incentivize community involvement and enhance the visibility of the CORE ecosystem.
Core DAO has introduced new yield opportunities for Bitcoin Liquid Staking Tokens (LSTs) and derivatives, along with a significant multiplier of 5x for the ongoing CORE IgnitionDrop campaign. This initiative aims to enhance Bitcoin’s utility within the DeFi space by providing attractive incentives for participants. The 5x multipliers further encourage engagement, making it a compelling opportunity for those involved in the Core DAO ecosystem and seeking to maximize their returns on Bitcoin-related assets.
These developments and positive technical indicators have created bullish, solid momentum for CORE, pushing its price upward.
AVAX, TAO and CORE Price Analysis
Looking at the comparison chart for the prices of these coins, we can see a similar pattern. They were on a decline from the end of July until Aug. 5. After the low, a recovery started and continued until Aug. 9.
A retracement followed by managed to keep up higher than before, validating that buyers are willing to pay a higher price. The support plateau increased, signaling to other investors that there was interest.
The upward momentum persisted from Aug. 15, leading to a higher high than Aug. 9, likely the third wave from the five-wave pattern. The price of TAO reached $341, which is close to its July 21 high. AVAX reached a high of $27, while CORE reached $1.20.
These third waves appear near competition, as the four-hour chart indicates overextension. The prices of these coins could now take a back seat as their fourth waves develop, but one more higher high would be expected later to complete this five-wave pattern.
