Web3‘s multi-chain platform Axelar’s native cryptocurrency (AXL) witnessed a strong increase of 14% in the last 24 hours. At the time of writing, Axelar (AXL) is trading at $1.21, up 12.75%, with a market value of $781 million.
AXL’s Daily Transactions Increase
AXL’s daily transaction volume also showed a 76% increase in the last 24 hours, currently reaching $38.5 million. The recent increase in AXL price brings the altcoin close to its strong resistance at $1.26. If AXL price can make a decisive breakout above $1.26, it could set a new course for record highs and beyond.
Additionally, Axelar’s technical chart suggests that investors should prepare for an uptrend in AXL following a confirmed breakout of the bear flag formation observed in a 12-hour timeframe. Throughout February, AXL price rose to $2.36 due to high staking activity of AXL tokens. Since January 2024, the number of AXL stakers has more than doubled from 5,000 monthly stakers to over 10,000.
New Users in AXL
The total number of individual users staking AXL tokens has reached 32,100. In the past 30 days, an average of 56 new stakers per day, totaling 1,800 new users, joined. Just in the last 10 days alone, an additional 26 million AXL tokens were staked, bringing the total AXL staked amount to 759 million, which constitutes 66% of the total supply.
On the other hand, with major players like BlackRock exploring this space, there is currently a strong demand for asset tokenization. Axelar Network has announced its mission to connect all tokenization protocols to any public or private blockchain through its interoperability framework. Its infrastructure promises to be programmable, scalable, secure, and end-to-end transparent, providing seamless connectivity across various blockchain networks.
