Avalanche (AVAX) Whales Trade $138.47 Million in 24 Hours, Amounting to a 261.58% Jump

• Avalanche (AVAX) network sees a surge in whale transactions, reaching $138.47 million in 24 hours, signaling growing confidence in the network.

• Despite network success, AVAX token price lags, trading at  $39.47 with a 13% increase in the past 24 hours.

Avalanche (AVAX), the blockchain network, is making waves in cryptocurrency, with an impressive surge in large transaction volumes initiated by market whales. Data insights from IntoTheBlock (ITB) reveal that in the past 24 hours, Avalanche whales have traded a staggering $138.47 million, marking a significant 261.58% increase. To qualify as a large transaction, IntoTheBlock defines it as one with a value of at least $100,000.

Source:IntoTheBlock

This surge in large transactions signifies a remarkable turnaround for Avalanche, which was once considered one of the less profitable altcoins last year. Today, it boasts highly bullish metrics and has captured the attention of the crypto market.

Whale Transactions on the Rise

In just a short span, the Avalanche network has witnessed a substantial increase in large transactions, surging from 164 on January 7 to an impressive 484 in 24 hours. The large transaction volume has followed suit, growing from 1.1 million AVAX to a staggering 3.84 million AVAX. In terms of USD, this growth translates to an increase from $33.57 million on January 7 to $138.47 million the next day.

These statistics reflect the growing confidence and activity within the Avalanche network, particularly among high-value traders. Aside from the surge in large transactions, other metrics on the Avalanche network are equally intriguing. Daily Active Addresses have witnessed a 7.46% surge, surpassing 70,000. These figures underline the network’s growing user base and activity.

However, despite these positive signs for the Avalanche network, the same cannot be said for the AVAX token’s price action. As of the latest data, AVAX is trading at $39.47, marking a 13% increase in the past 24 hours. This contrast between network performance and token price highlights the influence of broader market trends on individual tokens.

Avalanche Price Outlook

The current bearish trend in AVAX’s price might not necessarily dampen the overall outlook for the network. The continued activity of Avalanche whales and institutions’ growing adoption of the Avalanche protocol could potentially drive the token’s performance.

The cryptocurrency market has seen mixed reactions following the approval of the Spot BTC ETF, with some altcoins experiencing significant surges. Avalanche (AVAX) is among those that have witnessed impressive gains.

NFT Activity on the Rise

Amidst the price action, the Avalanche network has experienced a surge in NFT (Non-Fungible Token) activity. The SteadyNFT collection generated an impressive $430,000 in revenue in just six minutes. This influx of activity in the NFT space can positively impact the Avalanche network, attracting more creators and users to the platform in the future.

It's been only 10 days since the year started, and @avax had its first hyped mint. @SteadyNFT_ minted in only 6 minutes, generating $430k worth of revenue! https://t.co/QYEOAzlI5o pic.twitter.com/PiOEmIHcLa

— Ali Taslimi (@AliTslm) January 10, 2024

Beyond NFTs, the Avalanche network has seen growth in overall activity and transactional volume in recent months. This surge in network activity bodes well for AVAX, strengthening its position within the broader cryptocurrency landscape.

However, not all aspects of Avalanche’s performance are positive. While the network’s DeFi (Decentralized Finance) sector, measured by Total Value Locked (TVL) and Decentralized Exchange (DEX) volumes, has shown upward momentum, development activity has experienced a decline.

This decline in development activity suggests that new updates and upgrades on the network may be delayed, potentially making it challenging for Avalanche to attract new users