- Avalanche’s (AVAX) positive momentum with a 52% increase in 24-hour trading volume to $1.1 billion, suggests the potential for AVAX to breach the $30 mark.
- The surge in network activity within the Avalanche network, driven by the introduction of Ordinals, has played a significant role in the increased transaction volumes.
AVAX, the native token of the Avalanche blockchain network, is demonstrating robust performance, surging by an impressive 17%. This surge propels AVAX into the top ten cryptocurrencies.
As of press time, Avalanche (AVAX) is trading at $25.74 with a market cap of $9.4 billion. Should this positive momentum persist, there’s potential for AVAX to breach the $30 mark. AVAX has further strengthened its position, achieving over 110% in monthly gains, accompanied by a notable 52% surge in the 24-hour trading volume, which now stands at $1.1 billion.
The Avalanche network has experienced a significant surge in network activity, reflecting potential implications for the value of AVAX. This surge, reminiscent of patterns observed in the Polygon network, is attributed to the introduction of Ordinals in the Avalanche network, playing a crucial role in driving increased transaction volumes.
Recent data reveals that Ordinals minting contributed to about 96% of total transactions in the past week, leading to elevated network fees and heightened demand for AVAX. This underscores the interconnected dynamics between network utilization and the cryptocurrency’s value.
In November, various Layer-1 (L1) platforms experienced notable upticks in transaction volume. Avalanche, in particular, witnessed an impressive 167% month-over-month surge, reaching $2.73 billion. This transaction volume for Avalanche is the highest recorded since July of the previous year.
Avalanche-based DeFi Platform In Trouble
In a pivotal chapter for Platypus Finance, operating within the Avalanche blockchain, the platform faced a significant setback in February. The automated decentralized finance (DeFi) market maker fell victim to a flash loan attack, resulting in an 8.3 million euro loss due to coding vulnerabilities. The exploit triggered a drastic drop in Platypus’ USD-pegged stablecoin, plummeting from $1 to $0.48.
Following intelligence shared by Binance, French authorities took action by arresting two brothers, Mohammed M. and Benamar M. Mohammed faced accusations of manipulating flaws in Platypus’ smart contracts to execute an unauthorized fund transfer, with his brother knowingly receiving unlawfully obtained proceeds.
In an unexpected twist during the trial in late October, Mohammed claimed to have conducted an “ethical hack” to return most of the hacked crypto to Platypus eventually. He anticipated a traditional “bug bounty” reward from the project, estimating around 10% of the stolen assets. Despite the unconventional nature of this assertion, portraying his actions as well-intentioned but legally dubious, the French court recently acquitted both brothers of charges related to the hack.
It will be interesting to see how long Avalanche (AVAX) maintains its position within the top ten crypto list. The altcoin already faces competition from other challengers like Tron (TRX) and Chainlink (LINK).
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