Avalanche (AVAX) Price Rally
The native cryptocurrency of the Layer One blockchain network Avalanche, AVAX, is experiencing significant growth with a 17% increase. This surge has propelled AVAX into the top ten cryptocurrencies, surpassing Tron (TRX) and Chainlink (LINK). If this momentum continues, AVAX has the potential to break past $30.
Currently, AVAX is trading at $26.65 with a market cap of $9.7 billion. Over the past month, AVAX has gained over 110%, and its 24-hour trading volume has risen by 52% to $1.1 billion.
The recent surge in network activity on the Avalanche network suggests potential implications for the value of AVAX. The introduction of Ordinals to Avalanche has played a significant role in driving this trend, leading to a substantial increase in transaction volumes. Approximately 96% of total transactions in the past week were related to Ordinals minting, resulting in higher network fees and increased demand for AVAX.
In November, Avalanche recorded a remarkable 167% surge in transaction volume, reaching $2.73 billion. This marks the highest transaction volume for Avalanche since July of the previous year.
The Platypus Finance Saga
In February, Platypus Finance, which operates on the Avalanche blockchain, suffered a significant blow due to a flash loan attack on its automated decentralized finance (DeFi) market maker. The attack exploited coding vulnerabilities and resulted in an €8.3 million loss for Platypus’ USD-pegged stablecoin.
French authorities arrested two brothers, Mohammed M. and Benamar M., following information shared by Binance. Mohammed was accused of manipulating flaws in Platypus’ smart contracts to conduct an unauthorized fund transfer, while his brother received some of the proceeds. However, during the trial, Mohammed claimed that he had executed an “ethical hack” with the intention of returning most of the stolen crypto to Platypus.
In a surprising turn of events, the French court recently acquitted both brothers of charges related to the hack, despite their unconventional claim.
Hot Take: AVAX’s Impressive Growth and Legal Drama
AVAX’s recent price rally and entry into the top ten cryptocurrencies demonstrate its solid performance and potential for further growth. With a surge in network activity and increased transaction volumes, AVAX has attracted attention from investors.
On the other hand, the Platypus Finance saga highlights the vulnerabilities and risks associated with decentralized finance platforms. The acquittal of the accused brothers raises questions about the legal implications of hacking attempts in the crypto space.
As AVAX continues its upward trajectory and faces new challenges in its ecosystem, it will be interesting to see how it navigates through these developments and maintains its position among the top cryptocurrencies.
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