AVALANCHE SEES $329M SURGE, AVAX AT MAY 2022 HIGHS 

Despite not reaching the peak large transaction volumes of its last bull market, Avalanche exhibits a bullish momentum, signaling optimism among investors.

The Avalanche blockchain, known for its decentralized, open-source, and Proof-of-Stake protocol, has witnessed a significant increase in the volume of large transactions. The network’s token, AVAX, has climbed to prices last observed in May 2022, marking a noteworthy rally.

Crypto market analytics firm IntoTheBlock noted in a tweet that Avalanche’s large transaction volume reached a remarkable $329 million on Monday, March 11, highlighting the heightened activity among substantial AVAX stakeholders.

Record-Breaking $329M in Large Transactions on Avalanche

The previous instance when AVAX transactions exceeding $100,000 approached this volume was on December 29, showcasing a $412 million total. At that juncture, AVAX’s price stood at $48, with over 2,800 significant transactions recorded.

Two weeks prior to that, CryptoPotato highlighted the resurgence of large transaction activities in AVAX, peaking at 1,000. This peak later dwindled to 1,600 by mid-January from December 29’s 2,800, yet recent data from IntoTheBlock suggests a rebound is underway.

Although the current volume of large transactions on Avalanche has not hit the peak of the previous bull run, the observed growth trend conveys a bullish signal and a favorable outlook for the market.

As of this writing, AVAX’s price has surged to $54, marking a 24% increase over the week, according to CoinMarketCap. Presently, about 6.08 million AVAX addresses, which accounts for 82.4% of all holders, are profiting, with under 57,000 addresses seeing losses.

Recent Avalanche Network Disruption

This surge in AVAX’s large transaction volumes comes shortly after a significant network disruption. On February 23, Avalanche’s C-Chain ceased block production due to a bug in the client code that led to a finalization error. The issue was corrected, and the network resumed normal functions after approximately five hours.

This outage led to a more than 3% drop in AVAX’s value, ending the day at $35. Nonetheless, AVAX has shown remarkable recovery, positioning itself among the best-performing altcoins lately, joining the ranks of Solana (SOL), Toncoin (TON), and Algorand (ALGO).

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