AVAX Surges Amidst Market Correction
While the crypto market experiences a correction, Avalanche’s native token AVAX stands out with a 12% surge in the past day, bringing its yearly gains to 165%. Currently trading at $35.63, AVAX has reached a level not seen since May 2022.
AVAX Resilient Despite Token Unlock Event
AVAX has not only defied the prevailing market trend but has also resisted sell-off pressure following a recent token unlock event. Approximately $213.35 million worth of AVAX was released into the market during this event.
Increase in AVAX Transactions
Alongside the price surge, there has been an increase in large AVAX transactions. Data from Intotheblock reveals that AVAX transactions exceeding $100,000 reached nearly 1,000. Although this level is lower than the previous bull market peak, it is considered a positive sign for the bullish trend.
AVAX On-Chain Activity Boosts Price
AVAX’s price has been boosted by increased on-chain activity. Both new and active addresses have seen a modest uptick, with a total of 6.12 million addresses holding balances. Additionally, the number of transactions on the layer 1 network has surged to 1.93 million.
Banks Embrace Avalanche for Asset Tokenization
The active involvement of major banks in exploring real-world asset (RWA) tokenization is another significant factor driving AVAX’s surge. JP Morgan, Citi, and Bank of America have all chosen Avalanche technology and Subnets for their blockchain solutions due to its high-throughput capabilities.
Hot Take: AVAX Defies Market Trends and Gains Momentum
Despite the overall market correction, AVAX has shown resilience and emerged as one of the best-performing assets. Its price surge is supported by increased on-chain activity and the involvement of major banks in asset tokenization. With its high-throughput blockchain technology, Avalanche continues to gain momentum as a preferred choice for financial institutions seeking efficient transaction processing.
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