Avalanche’s stablecoin has recently witnessed a remarkable increase in market value, achieving a new high of approximately $1.15 billion. This metric, as tracked by DefiLlama, indicates the network’s growth to levels not seen in the recent past. The stablecoin’s surge in market value suggests a substantial influx of capital into the Avalanche ecosystem.
Significant Growth in Stablecoin Value
This financial upswing marks a pivotal moment, especially after a notable downturn in November 2023, where the market value hovered around $1 billion. The past 48 hours have seen a particularly steep ascent, leading to the current elevated valuation. Nevertheless, while there has been an uptick in the total value locked (TVL) within the ecosystem, it has not been as dramatic as the leap in stablecoin value. The TVL stands at roughly $888 million, indicating a more gradual increase.
Other Metrics Show Varied Responses
In contrast, Avalanche’s transaction volume analysis does not reflect any substantial change, maintaining a descending trajectory with minor fluctuations and a 24-hour volume around $150 million. Additionally, network inflows are at one of their lowest, with just over $3.8 million recorded recently.
On the price front, Avalanche’s native token, AVAX, has seen a consistent upward movement in its daily time frame chart over the last eight days, with a couple of exceptions. Recently, the token breached the resistance level set by the short moving average, successfully maintaining its ground above $41.3, marking a 4% rise. AVAX’s momentum has also nudged it towards the overbought territory on the relative strength index (RSI), potentially signaling a continued bullish trend influenced by the current market optimism.
The sustained growth in the stablecoin’s market value, moderate rise in TVL, and the upward price action of AVAX points towards a robust period for the Avalanche network, despite mixed responses in other financial metrics.