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COINTURK NEWS > Avalanche (AVAX) > The Remarkable Ascent of Avalanche: AVAX Surges Beyond Expectations
Avalanche (AVAX)

The Remarkable Ascent of Avalanche: AVAX Surges Beyond Expectations

In Brief

  • AVAX rises 20%, surpassing Dogecoin.

  • Trader Joe's growth reflects on AVAX value.

  • Large AVAX transactions indicate a positive trend.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Avalanche network’s native asset AVAX has climbed to $42, a 20% increase in the last 24 hours following a significant rise last week. The rise in AVAX’s price enabled it to surpass the market value of the largest memecoin, Dogecoin (DOGE). With this move, Avalanche boosted its weekly gains to an impressive 85% rate.

Contents
The Notable Rise of Avalanche DEXThe Rising Number of Large AVAX Transactions

The Notable Rise of Avalanche DEX

Data provided by DeFiLlama shows that Avalanche has also gained significant momentum in the decentralized finance (DeFi) sector. It highlights notable developments regarding Trader Joe, the leading decentralized crypto exchange (DEX) built on the Avalanche network. On December 11th, Trader Joe’s fee revenues surged to $1.23 million, reaching the second-highest level of the year, and the platform’s income increased to $145,000, marking a significant milestone. Meanwhile, AVAX’s price saw a noteworthy increase of 20% in the last 24 hours, surpassing the $40 level.

This surge has placed AVAX among the top 10 cryptocurrencies by market value, with the price reaching its highest point since May 2022. During the same period, the price of Trader Joe’s native asset, JOE, also increased by over 9%.

The Rising Number of Large AVAX Transactions

On-chain data platform IntoTheBlock’s data indicates a significant increase in the number of large AVAX transactions. This data peaked last week with nearly a thousand transactions exceeding $100,000. Although these levels are not yet comparable to the numbers recorded during the previous bull market, they are considered a positive indicator for a rising market.

Moreover, Avalanche has created substantial market interest by strategically incentivizing its validators, leading to a notable increase in market value. As known, the fourth-generation Proof of Stake (PoS) Blockchain announced on December 7th that it allocated over $275 million in AVAX to reward its validators from the previous year. This proactive approach, aimed at rapidly confirming transactions, underscores Avalanche’s commitment to providing a resilient and decentralized network.

The financial outcomes of Avalanche’s validator incentives have sparked debates and excitement within the AVAX community. Furthermore, as the year draws to a close, various speculations have emerged that AVAX could rise to much higher levels. Technically speaking, the next critical resistance level for the popular altcoin is at $53, which is 25% above the current levels.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 December, 2023 - 10:18 am 12 December, 2023 - 10:18 am
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