Why Is Axelar (AXL) Price Pumping? Binance Backing and Strategic Tokenomics Attract Buyers

The price of Axelar (AXL) has seen significant gains lately, pumping over 23% in the last 24 hours. This price action prompted crypto analyst @rektbyhielke to take a closer look at what’s driving momentum for AXL.

Impressive Team Profile

Through reviewing the Axelar team’s background, @rektbyhielke uncovered an impressive pedigree. Many team members previously worked at Chainlink, and two hail from JP Morgan, which is currently piloting Axelar’s technology.

Strategic Investors

Notably, one of Axelar’s early seed investors has a strong track record, backing successful projects like Chainlink and Avalanche previously. This provides credibility.

Binance Backing Furthermore of importance, Binance is a key AXL investor. While not yet listed on Binance Global, this connection could pave the way for a significant boost when that listing potentially materializes.

Appealing Tokenomics

@rektbyhielke also highlights Axelar’s tokenomics as geared towards venture capital investors, a model that tends to thrive in bull markets.

Technicals Point to Momentum Analyzing the 30-minute chart, @rektbyhielke identified spikes indicative of eager buyers entering AXL. The low volume makes it plausible that influencer promotion may have sparked automated buying.

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In summary, the impressive team pedigree, strategic investors like Binance, and bull market-friendly tokenomics provide fundamental justification for AXL’s price pump. The technical patterns exhibit momentum. With its cross-chain focus, Axelar appears well-positioned to capture more gains on both the technical and fundamental fronts.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.