- Avalanche (AVAX) witnesses a substantial surge in large transaction volumes initiated by market whales, totaling $138.47 million in a 24-hour period, marking a 261.58% increase.
- Despite this positive trend, AVAX’s price currently stands at $34.10, down by 6.21% in the past 24 hours.
AVAX Whales Ignite Transaction Volume Surge
Avalanche (AVAX) has emerged as a compelling contender in the cryptocurrency landscape, showcasing a promising outlook fueled by a remarkable surge in large transaction volumes instigated by market whales. Recent data insights provided by IntoTheBlock (ITB) shed light on this significant development, where a staggering $138.47 million worth of transactions were executed by Avalanche whales within a mere 24-hour period. This notable surge reflects a substantial increase of 261.58%.
AVAX’s Astonishing Transformation
Avalanche’s journey is nothing short of remarkable, transforming from an underperforming altcoin in the previous year to a cryptocurrency currently exhibiting highly bullish metrics. It is important to note that large transactions, according to IntoTheBlock, are those with a minimum value of $100,000.
In this context, the Avalanche network has witnessed a notable surge in such transactions, surging from 164 on January 7 to an impressive 484 within a 24-hour timeframe. Moreover, the volume of large transactions has surged from 1.1 million AVAX to a staggering 3.84 million AVAX, equivalent to a remarkable growth in dollar terms from $33.57 million on January 7 to $138.47 million the following day.
Promising Metrics Across the Avalanche Network
Beyond the surge in large transaction volumes, other metrics within the Avalanche network are equally intriguing. Notably, there has been a substantial 7.46% increase in Daily Active Addresses, surpassing the 70,000 mark. These promising indicators underscore the network’s growing activity and appeal.
AVAX Price Outlook
While Avalanche’s network metrics are experiencing a bullish uptick, the same sentiment has not been fully translated into a positive price action for the AVAX token. Presently, AVAX is trading at $34.10, reflecting a 6.21% decrease within the past 24 hours. However, it is essential to recognize that AVAX’s price performance is influenced by broader market dynamics, and short-term fluctuations are common.
Nonetheless, the sustained surge in large transaction volumes, driven by influential whales and the increasing adoption of the Avalanche protocol by institutional players, positions AVAX for potential future price appreciation. As history has shown, whale activity and institutional support can play pivotal roles in influencing a cryptocurrency’s performance.