Ava Labs, the primary developer behind the Avalanche blockchain, announced a significant workforce reduction today. Emin Gün Sirer, the founder and CEO of Ava Labs, disclosed this through a tweet, stating, “Today we parted ways with some of our Ava Labs team members. We are no longer a 12-person startup, but we strive to capture the speed and energy of a small, nimble team.” This reduction in force has affected 12% of Ava Labs’ workforce and is part of their strategy to reallocate resources for the growth of the firm and the Avalanche ecosystem.
Sirer acknowledged the challenges of bear markets but expressed gratitude for Ava Labs’ fortunate position, boasting significant runway and resources at their disposal. He assured that these resources would be dedicated to advancing the Avalanche ecosystem in the years to come, highlighting the immense progress and impact Ava Labs has made within the industry.
Garrison Yang, Ava Labs’ VP of Growth and Strategy, further elaborated on the situation in a LinkedIn post, revealing that several members of the marketing team had bid farewell to Ava Labs. He praised their accomplishments in propelling Avalanche’s gaming brand to the forefront within a year, establishing a leadership position in enterprise blockchain, and contributing to the foundation for numerous successful projects in their ecosystem. Yang also encouraged potential employers to consider this pool of talent, stating:
If your project or company is looking for some of the top talent in crypto, please share any leads, and I’ll make sure they get in touch!
Avalanche (AVAX) Price Analysis
Meanwhile, amidst the workforce reduction, Avalanche’s native cryptocurrency, AVAX, is displaying promising signs in the market. The coin has experienced a 12% weekly increase in its price, and the daily chart is showing a 4% rise, with the price currently trading at $12.86. The 24-hour trading volume has also surged by approximately 12% to reach $243,273,066.
PricePredictions.com, in their technical analysis, has detected a bullish trend for Avalanche in the long term, forecasting a price increase of $0.20218 over the next seven days, with a target price of $13.05 by November 13, 2023. In the short term, machine learning algorithms suggest a neutral trend for AVAX, indicating a slight price increase with the possibility of a small decrease in the coming hours.
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