Avalanche Teams Up with Alipay+ Amid Concerns of Meme Coin Scam on Network

  • Avalanche and Alipay+ have joined forces to expand their voucher program to over 100 million customers.
  • The narrative surrounding gaming at the Game Developer Conference could influence the price of Avalanche.
  • The potential scam involving the meme coin Sender, suspected of being rug-pulled, threatens AVAX.
  • Avalanche (AVAX) and Alipay+, a significant payment app in China, are collaborating to bring their Web3-enabled voucher program to more than 100 million customers.
  • While this partnership and the upcoming Game Developer Conference (GDC) could fuel bullish sentiment for Avalanche, the emergence of a potential meme coin scam on its network presents a challenge.

Avalanche Partners with Alipay+ to Launch Web3-Enabled Voucher Program
Avalanche revealed on Wednesday that it is teaming up with Alipay+ to introduce a Web3-powered voucher rewards program. Through this program, customers can access vouchers offering up to 50% discounts on milk teas from ten popular brands at over 500 Southeast Asian shops, as outlined on the AVAX network.

Customers purchasing milk tea can play a minigame on the Alipay+ D-store within an Alipay+ partner e-wallet and receive a Web3-enabled voucher upon completion. They can then redeem the voucher to receive discounts when paying for milk tea using the wallet.

This collaboration would represent a significant milestone for both Avalanche and Alipay+ D-store, enabling them to explore innovative ways to engage and retain customers while attracting more users and businesses to their blockchain network, according to Avalanche.

The announcement also mentioned that phase two of the proof-of-concept will focus on food and beverage merchants, with plans to expand the program to 100 million users across Singapore, the Philippines, Thailand, and other regions.

The partnership follows Avalanche’s participation in the Game Developer Conference (GDC), where the company aims to showcase the potential for mainstream adoption of blockchain games. Key developments such as Avalanche’s subnet for scalability and customizability, “Teleporter” technology for easy in-game asset transfer, and the launch of the MapleStory game could bolster the AVAX gaming narrative.

Meme Coin Rug Pull Casts Shadow on AVAX’s Rise

Despite these positive developments, the price of AVAX may face obstacles due to a suspected meme coin scam on its network.

Amid the growing popularity of meme coin presales, the meme project Sender raised 93,000 AVAX, equivalent to about $5.3 million. However, investors discovered after its launch that only 20,000 AVAX remained in the token’s liquidity pool, with the rest transferred to three separate addresses. This sparked suspicions of a potential rug pull, where project developers vanish with raised funds, leaving investors empty-handed.

The original fundraising account for Sender disappeared from X (formerly Twitter), leading to a more than 70% drop in the meme coin’s value since Tuesday.

Following this news, the price of AVAX briefly declined by approximately 16% on Tuesday, alongside price corrections in other top cryptocurrencies.

AVAX/USDT 1-hour chart

Leave a Reply

Your email address will not be published. Required fields are marked *