On Thursday. 16th of November 2023, Avalanche spike pushed its rank from 14th to 12th on Coingecko leaving Chainlink and Polygon behind, and within 7 days, $AVAX has experienced over 66% increase making all the hodler bullish at the moment. The question is, what is responsible for the sudden spike of the token price especially on the 16th of November?
Why The Avalanche Token Sudden Spike On Price Action?
Avalanche is known for its development and every moment the team collaborates and different industries are leveraging on project infrastructure to launch their solution that will ease their customer interacting with their service.
Recently, it was announced Citi tested the use of blockchain infrastructure to price and execute simulated FX trades on Avalanche Evergreen Subnets.
The ecosystem of Avalanche is increasing on a daily basis. Just some days back, the banking giant J.P. Morgan tapped into the subnet of Avalanche to tokenize portfolios. This is taking place to confirm a proof-of-concept with Apollo Global and the Monetary Authority of Singapore's Project Guardian, this is huge and one of the reasons for the sudden spike of $AVAX which received a 14% increase within 24 hours.
What's Possible With $AVAX?
As $AVAX tested $24 on 16th November 2023, analysis has started and many began to see into the future of the $AVAX token and the possibility of where its price will stand or reach. As the ecosystem increases with different industries investing, staking on the network keeps increasing. Between Nov. 3 & Nov 16th, 35.71 million tokens worth was staked to secure the network and reduce tokens in circulation, only this can cause the hike in the price action. In case you don't know, within 30 days, $AVAX has had a 150% price breakout which has coincided with the recent increase in #AVAX staking. Now, we begin to see more GameFi projects upcoming in the ecosystem and this will make $AVAX holders on the network and node validators still keep their tokens for possible price increases and the decrease of the token in circulation will help its price action in no time.
In conclusion, the #Avalanche team is consistent in development, collaboration, and its infrastructure to accommodate projects, industries, and systems, is so simple to interact with thereby on-bounding a lot of companies and increasing the use cases of its native token. If you are looking for one crypto to invest in, $AVAX is one of the ones you can throw some of your money into. However, I am not a financial advisor, kindly do your own research to learn more.
