Avalanche (AVAX) has impressively achieved a 400% gain, surpassing Dogecoin and ascending to the ninth position among cryptocurrencies. This extraordinary increase is based on a combination of long-term trends and short-term catalysts that have transformed AVAX into a shining star among high-volume altcoins.
Last week, Avalanche became the ninth-largest cryptocurrency by market value, with a 30% increase. The current AVAX price surge has reached a local peak of $44 on major exchanges, marking the highest level seen since May 8, 2022, before the collapse of the Terra/Luna ecosystem.
AVAX’s recent rise has not gone unnoticed. Last week, it was highlighted as the fastest-growing altcoin among the top 20 on CoinMarketCap and was narrowly surpassed only by Internet Computer (ICP) among the top 30.
In the last 24 hours, liquidations on AVAX positions, predominantly shorts, amounted to $4.88 million, including the largest single liquidation on OKX exceeding $128,000.
Decentralized finance (DeFi) protocols based on Avalanche have shown significant growth in the past two months, with the total value locked (TVL) nearly doubling from $487 million to $949 million. Leading DeFi projects such as Benqi, Trader Joe, Aave, and GMX have played a significant role in this increase.