Ethereum Rival Avalanche Hits All-Time High: Here's Why Its Founder Doesn't Want Elon Musk's Help In Boosting The Price

Avalanche AVAX/USD a smart-contract-oriented rival of Ethereum ETH/USD touched an all-time high on Wednesday night but its founder is okay without a boost from celebrities like Tesla Inc TSLA CEO Elon Musk.

What Happened: The CEO and Founder of Ava Labs, the firm behind AVAX, Emin Gün Sirer, responding to a Tweet that mentioned Musk, said “The AVAX tokens are genuinely useful and they should go to people who will use them, not a bunch of celebrity tweet chasers.”

See Also: How To Buy Avalanche (AVAX)

Ahaha, no, please no! The AVAX community doesn't want this. The AVAX tokens are genuinely useful and they should go to people who will use them, not a bunch of celebrity tweet chasers. https://t.co/uaEwmGLVFb

— Emin Gün Sirer (@el33th4xor) September 16, 2021

Also on Wednesday, Kevin Sekniqi, Chief Operating Officer of Ava Labs, tweeted at Musk asking:

“Instead of travel to orbit with a ship, have you given it thought to using a bridge?”

Hey @elonmusk, instead of travel to orbit with a ship, have you given it thought to using a bridge?

A good bridge, if you will, that goes from ground to orbit.

— ./kevinsekniqi (@kevinsekniqi) September 16, 2021

Sekniqi seemingly made a reference to Avalanche’s cross-chain bridge which can be used to transfer ERC20 tokens from Ethereum to Avalanche’s C-Chain and vice versa.

Why It Matters: AVAX hit an all-time high of $68.84 on Wednesday and is trading 4% below that level at the time of writing. AVAX has shot up 1713.90% so far this year.

See Also: Bitcoin, Ethereum, Dogecoin Turn A Shade Of Red While Minor Cryptos Strike Major Gains As 'It's Definitely Altcoin Season'

At press time, AVAX was up 8.36% at $65.27 and for the week the cryptocurrency has risen 42.85%.

Against major cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD, Avax rose 10.22% and 10.62% respectively. 

The completion of a $230 million investment round by large capital funds, migration of liquidity to Avalanche, and new integrations and protocol upgrades were cited by Cointelegraph as reasons for AVAX’s recent price surge.

Migration of assets from Ethereum to Avalanche can be gauged from the fact that total value locked on Avalanche has risen rapidly since Aug. 19 and touched a record high of $2.17 billion Sept. 16, as per DeFi Llama data, reported Cointelegraph.

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