Avalanche’s native asset AVAX has surpassed cryptocurrencies like Tron (TRX) and Chainlink (LINK) in terms of market value, rising 15% in the last 24 hours and entering the top 10 rankings among cryptocurrencies. The value of AVAX is expected to continue to rise and has the potential to surpass $30.
At the time of writing this article, AVAX is trading at $26.17, with a 15.01% increase, and has a market value of $9.56 billion. The 24-hour trading volume of the altcoin has increased by 55.72% to reach $1.18 billion. Avalanche’s network activity has seen significant increases, which have influenced the price of AVAX, triggered by the adoption of Ordinals.
The adoption of Ordinals has contributed significantly to the increase in trading volume. According to recent data, Ordinals accounted for approximately 96% of total transactions last week. This surge in network activity has led to higher transaction fees and increased demand for AVAX, weakening the dynamic relationship between network usage and altcoin prices.
Throughout November, several Layer-1 (L1) platforms have experienced significant increases in trading volume. Avalanche, in particular, has reached $2.73 billion, marking the highest trading volume since July of last year, with a 167% increase compared to the previous month.
Platypus Finance, operating on the Avalanche Blockchain, suffered a significant blow in February due to a flash loan attack against an automated DeFi market maker. This attack resulted in a loss of 8.3 million Euros and caused Platypus’ USD-pegged stablecoin to drop from $1 to $0.48. The cryptocurrency exchange Binance reported the incident to authorities, leading to the arrest of two brothers, Mohammed M. and Benamar M., by French authorities. Mohammed was accused of unauthorized fund transfers using vulnerabilities in Platypus’ smart contracts, while his brother was charged with knowingly receiving illicit funds.