HomeNewsAvalanche (AVAX) Investors Rejoice: Market Cap Grows by 340% in Record Time

Avalanche (AVAX) Investors Rejoice: Market Cap Grows by 340% in Record Time

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  • Avalanche (AVAX) has witnessed a 341% increase in market cap over two months, surpassing Dogecoin to rank ninth on CoinMarketCap.
  • The rise in AVAX price is supported by a surge in user activity and TVL, indicating robust growth in the Avalanche ecosystem.

Avalanche’s AVAX Token Achieves Remarkable Growth

Avalanche (AVAX), a prominent player in the blockchain space, has seen its market capitalization grow by an astounding 341% in just two months. From a value of $3.25 billion in mid-October, Avalanche’s total market value has surged to $14.35 billion, surpassing Dogecoin to secure the ninth position on the CoinMarketCap ranking. This dramatic growth is a testament to the increasing investor confidence in Avalanche’s native token, AVAX, which has been trading at $38, up 12% over the last 24 hours and 123% over the last 30 days.

The rally in AVAX’s market value is indicative of the broader expansion and adoption of the Avalanche ecosystem. The price increase has been accompanied by a notable surge in user activity and total value locked (TVL), which are key indicators of a thriving blockchain ecosystem.

Other Tokens and Features Rising in the Ecosystem

Beyond AVAX, other tokens within the Avalanche ecosystem have also been experiencing significant gains. JOE, the native token of Avalanche’s decentralized exchange Trader Joe, and QI, the native token of Avalanche’s liquid staking protocol Benqi, have seen 5% and 20% increases, respectively, over the last 24 hours. Coq Inu (COQ), a memecoin built atop Avalanche, has also recorded an impressive performance, climbing 22% over the same period.

Avalanche’s appeal extends to various sectors within the blockchain industry, including decentralized finance (DeFi) and gaming. On Dec. 12, Avalanche announced that Mirai Labs, creator of popular games Pegaxy and Petopia, is migrating its operations to an Avalanche subnet. This move underscores Avalanche’s growing reputation as a go-to network for Web3 gaming, thanks to its Subnet technology, unmatched developer support, and exceptional scalability.

Robust Support and Prospects for Further Growth

Avalanche’s strength is further bolstered by robust support levels, as evidenced by on-chain metrics. The significant support zone between $15 and $20, where major moving averages converge, suggests strong buyer congestion that could propel AVAX to new yearly highs.

Development activity on Avalanche has also seen a significant uptick, rising from 44 GitHub commits in mid-October to 284 on Dec. 12. This increased activity, highlighted by Santiment data, signals growing innovation and progress within the ecosystem, potentially leading to increased demand for the AVAX token.

The TVL on the Avalanche blockchain has similarly grown by 90% since mid-October, reaching $911.12 million. This rise in TVL indicates a growing demand among large on-chain users and developers, further validating the bullish outlook for Avalanche.

As Avalanche continues to evolve with new developments and collaborations, such as JP Morgan’s blockchain Onyx using an Avalanche subnet in a proof-of-concept trial, the ecosystem is poised for continued growth and innovation. This progress positions Avalanche as a key player in the blockchain industry, with its native token AVAX and associated projects gaining increasing traction among investors and developers.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628