Amidst a market-wide correction, Avalanche’s native token – AVAX – has emerged as an outlier, surging by almost 12% over the past day, pushing its yearly gains to 165%. The asset was currently trading at $35.63 – a level not seen since May 2022.
AVAX has not only bucked the prevailing trend but also thwarted sell-off pressure following the recent token unlock event scheduled on November 24, during which approximately $213.35 million worth of AVAX was released into the market.
AVAX Transactions Soar
Coinciding with the price trajectory, the number of large AVAX transactions was also found to be on the rise. Data from Intotheblock revealed that AVAX transactions exceeding $100,000 reached a peak of nearly 1,000. The current level, however, is still lower than what was observed during the peak of the previous bull market.
Although it has not yet reached the heights seen in the previous bull market, this uptick is viewed as a favorable indication of the bullish trend, according to the crypto intelligence firm’s latest analysis.
“The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls.”
So far, AVAX has defied market trends to emerge as one of the best-performing assets. Its price was boosted by increased on-chain activity. Both new and active addresses have recorded a modest uptick this week. Total addresses with balance has risen to 6.12 million. Besides, the number of transactions on the layer 1 network also surged to 1.93 million.
What’s Driving AVAX’s Price?
Another significant factor contributing to the surge in AVAX is the active involvement of major banks in exploring real-world asset (RWA) tokenization, as reported earlier.
Prominent financial institutions like JP Morgan are presently engaged in tokenizing funds for seamless integration with blockchain technology. Citi is conducting tests on blockchain applications for forex trades, and Bank of America is expressing optimism about the potential of asset tokenization.
Notably, all of these major banks have chosen Avalanche technology and Subnets for their blockchain solutions. The preference for Avalanche can be attributed to its high-throughput blockchain, which is essential for efficiently processing transactions.