Price: $0.45233 10.7382%
Market Cap: 66.46B 1.9713%
Volume (24h): 21.23B 0.5%
Dominance: 1.9713%
Price: $0.45233 10.7382%
Market Cap: 66.46B 1.9713%
Volume (24h): 21.23B 0.5%
Dominance: 1.9713% 1.9713%
  • Price: $0.45233 10.7382%
  • Market Cap: 66.46B 1.9713%
  • Volume (24h): 21.23B 0.5%
  • Dominance: 1.9713% 1.9713%
  • Price: $0.45233 10.7382%
Home > Information news > Here’s Why Avalanche (AVAX) Is Up 80% Weekly

Here’s Why Avalanche (AVAX) Is Up 80% Weekly

Release: 2023/12/12 22:00 Reading: 891

Original author:CryptoPotato

Original source:https://cryptopotato.com/heres-why-avalanche-avax-is-up-80-weekly/

Here’s Why Avalanche (AVAX) Is Up 80% Weekly

Avalanche has been on a tear lately. The native token of the Layer 1 network – AVAX –  stood out as one of the major crypto assets resilient to the recent drawdown in the market. It has recorded a remarkable weekly gain of over 82%, in stark contrast to the declining performance of its peers.

AVAX surged to $40.26, surpassing Dogecoin and securing its position as the ninth-largest crypto by market capitalization. In the last 24 hours alone, the token has seen a more than 10% increase.

  • Avalanche’s on-chain metrics appear to be firmly supporting the uptrend.
  • The number of AVAX transactions surpassing $100,000 peaked at almost 1,000. While the current level remains below the high observed in the previous bull market, this increase is seen as a positive sign of the ongoing bullish trend.
  • On the ecosystem side of things as well, traditional financial heavyweights JPMorgan and Citi have roped in Avalanche Foundation for their real-world asset (RWA) tokenization initiatives, which could have further boosted optimism among investors.
  • Avalanche’s strategy to incentivize its validators has also resulted in a notable increase in its market value. As of December 7, this fourth-generation proof-of-stake blockchain has allocated more than $275 million in AVAX to reward its validators over the past year, a substantial contrast to its earnings of $11.5 million in user fees.
  • This bullish trend has not only impacted the cryptocurrency itself but has also extended to Avalanche’s leading decentralized exchange (DEX), Trader Joe.
  • According to the data compiled by DefiLlama, the popular DEX experienced a notable surge in fee capture, reaching $1.23 million, marking the second-highest figure for the year.
  • Furthermore, the platform’s overall revenue reached $145,000, also representing the second-highest figure.

The post Here’s Why Avalanche (AVAX) Is Up 80% Weekly appeared first on CryptoPotato.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.