Avalanche Blockchain Hits Milestone with Increased Network Activity
Last weekend, Avalanche’s layer 1 blockchain achieved a significant milestone as the network reached over six million addresses. This surge in network activity indicates a continued recovery from a recent market correction. Additionally, data shows that the number of transactions on the Avalanche blockchain reached an all-time high of 6.35 million on November 22nd.
AVAX Network Activity Increases, but Sell-Off Concerns Arise
Data compiled by IntoTheBlock reveals that transaction sizes within certain ranges experienced significant increases. The $0.00 – $1.00 range saw a staggering surge of 3156.83%, followed by the $1 million – $10 million range with a 233.33% increase. Other ranges, such as $1k – $10k and $100k – $1 million, also saw notable increases in transaction size. However, the $1.00 – $10.00 range experienced a decline of 48.21% over the past month.
The total transaction volume on the Avalanche blockchain surpassed 21 million AVAX this week, reaching levels not seen since May 2022. In terms of USD value, it amounted to $460.33 million.
Despite the increased network activity, concerns arise due to an upcoming token unlock event scheduled for November 24th. Approximately $213.35 million worth of AVAX tokens will be unlocked, potentially adding selling pressure to the market.
$10M Boost for AVAX Ecosystem
The total value locked on Avalanche is gradually recovering this month after experiencing a dip from its 2022 high. The ecosystem received a major boost with Colony Lab’s announcement of a $10 million investment aimed at supporting the expansion of the AVAX network. Colony Lab has acquired over 500,000 AVAX tokens, valued at $8 million, which will be used to establish a validators program benefiting AVAX holders.
Hot Take: Avalanche Gains Momentum with Increased Network Activity
Avalanche’s layer 1 blockchain has reached a significant milestone with over six million addresses and a surge in network activity. The increase in transaction sizes and volumes demonstrates growing market participation and confidence. However, concerns arise with an upcoming token unlock event that could add selling pressure to the market. Despite this, the AVAX ecosystem received a $10 million investment, indicating continued support for its expansion. With these developments, Avalanche is poised to gain further momentum in the crypto space.
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