News

A Close Look At The Phenomenal Avalanche’s AVAX Growth And Why You Need To Buy Into The Market Now

Avalanche (AVAX) has emerged as a standout performer in the crypto space, showcasing an exceptional 290% price surge throughout 2023. Also, this remarkable ascent is largely attributed to AVAX’s strategic collaborations with influential entities, including partnerships with Amazon Web Services, J.P. Morgan, and Apollo Global.

Of course, these alliances underscore AVAX’s attractiveness to institutional players, contributing significantly to its upward trajectory.

Furthermore, boasting a current market capitalization of 16.6 billion, AVAX has witnessed a cumulative growth of approximately 124% over the past 30 days. Thereby, outpacing several other prominent public chains. Impressively, its Total Value Locked (TVL) now stands at 956 million, surpassing that of Polygon and securing the sixth position, just behind Solana.

Notably, the inscription market, a key component of Avalanche’s revenue stream, has also experienced substantial expansion. Data from Token Terminal indicates that the Avalanche network generated $41.9 million on December 20. Of course , this is primarily derived from gas fees paid by the community for transaction inscriptions.

Avalanche’s AVAX Price Action

Zooming out to the broader timeframe, the Avalanche network’s revenue over the last 30 days has skyrocketed by an impressive 4629%, reaching $35.87 million. Notably, there has been an average of 53,000 daily users in the past 30 days, contributing approximately $70,000 in protocol income per day.

Related Post

To conclude, this comprehensive overview portrays Avalanche as not only a high-performing blockchain but also as a lucrative ecosystem drawing considerable attention and participation. 

Finally, As the crypto landscape continues to evolve, AVAX’s strategic positioning and robust revenue streams make it a noteworthy player in the competitive blockchain arena.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: inueng/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

5 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago