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Avalanche (AVAX) did not surprise, it increased by 400%.๐บ๐
Avalanche (AVAX) has witnessed an unprecedented 400% surge in its price over the last two months, propelling it to claim the ninth position among cryptocurrencies, surpassing even Dogecoin (DOGE). Let's unravel the factors steering this remarkable rise and explore the noteworthy developments within the AVAX ecosystem.
Price Rally Highlights:
AVAX recently soared to a new local high of $44 on major spot exchanges, marking an 83-week peak since May 8, 2022. Notably, in the past week, AVAX outpaced numerous large-cap altcoins, earning the title of the fastest-growing altcoin in the top 20 and securing a spot just below Internet Computer (ICP) in the top 30 on CoinMarketCap. In the past day, over $4.88M in AVAX positions, mostly shorts, got liquidated. The biggest liquidation, over $128K, occurred on the 5th-ranked exchange.
Decentralized Finance (DeFi) Growth:
The total value locked (TVL) in Avalanche-based DeFi protocols nearly doubled in the last two months, surging from $487 million to an impressive $949 million. Key players in the Avalanche DeFi scene include Benqi, Trader Joe, Aave, and GMX, all contributing to this substantial TVL increase.
Real-World Asset Tokenization and Community Trends:
Analysts attribute AVAX's surge to the escalating interest in real-world asset tokenization, positioning Avalanche as a leader in this sector. Community indicators highlight GameFi, real-world assets (RWAs), and meme coins as the most promising sectors within the thriving dApps landscape of Avalanche.
Meme Coin Performance:
A standout in the AVAX ecosystem is Akita Inu (AKITA), an AVAX meme coin, showcasing a notable 17% overnight growth. This underlines the diverse dynamics at play within the AVAX ecosystem.
Author's Perspective:
Blockchain analyst Vladislav Sopov, armed with a scientific background and over 6 years in IT-analytics, lends insightful perspectives into AVAX's performance and its evolving ecosystem.
