Avalanche's Local Asset AVAX Surges, Overtaking Dogecoin - Latest cryptocurrency news

Avalanche’s Local Asset AVAX Surges, Overtaking Dogecoin

Avalanche’s native asset AVAX has reached a level of $42 after a significant increase of 20 percent in the last 24 hours. This rise in AVAX’s price has enabled it to surpass Dogecoin (DOGE), the biggest memecoin by market value. With this move, Avalanche has boosted its weekly gains to an impressive rate of 85 percent.

According to data provided by DeFiLlama, Avalanche has also gained significant momentum in the decentralized finance (DeFi) sector. It highlights key developments related to Trader Joe, the leading decentralized crypto exchange built on the Avalanche network. On December 11, Trader Joe’s fee revenues soared to $1.23 million, reaching the second-highest level of the year, and the platform’s revenue hit a significant milestone by rising to $145,000. Meanwhile, AVAX’s price has increased by 20 percent in the last 24 hours, surpassing the $40 level.

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This jump in AVAX’s price has placed it among the top 10 cryptocurrencies by market value, and its price has reached its highest point since May 2022. During the same period, the price of Trader Joe’s native asset JOE also increased by more than 9 percent.

Data from the on-chain data platform IntoTheBlock shows a significant increase in the number of large AVAX transactions. This data peaked last week with nearly a thousand transactions exceeding $100,000. Although these levels are not yet comparable to the figures recorded during the previous bull market, they are considered a positive indicator for a rising market.

Furthermore, Avalanche has created significant market interest by strategically incentivizing its validators, leading to a noticeable increase in market value. The fourth-generation Proof of Stake (PoS) Blockchain announced on December 7 that it had allocated more than $275 million worth of AVAX to reward last year’s validators. This proactive approach highlights Avalanche’s commitment to providing a robust and decentralized network with the aim of quickly confirming transactions.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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