Price: $0.19143 -2.8767%
Market Cap: 28.08B 1.1252%
Volume (24h): 4.45B 0.2%
Dominance: 1.1252%
Price: $0.19143 -2.8767%
Market Cap: 28.08B 1.1252%
Volume (24h): 4.45B 0.2%
Dominance: 1.1252% 1.1252%
  • Price: $0.19143 -2.8767%
  • Market Cap: 28.08B 1.1252%
  • Volume (24h): 4.45B 0.2%
  • Dominance: 1.1252% 1.1252%
  • Price: $0.19143 -2.8767%
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.

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