Avalanche (AVAX) Sees Massive Whale Volume Jump, Incoming Bullish Rally?

1 Mins read

Avalanche (AVAX) network outlook is proving to be more promising following the impressive jump in the large transaction volumes initiated by market whales. According to data insights from IntoTheBlock (ITB), a total of $138.47 million have been traded by Avalanche whales in 24 hours, amounting to a 261.58% jump.

Avalanche is best described as a success story, considering how it dramatically transformed its fortune from being one of the altcoins with the least profitability last year to one with highly bullish metrics at the moment. By large transactions, IntoTheBlock is defined as those with a value of at least $100,000. 

AVAX Whale Transaction Volume via IntoTheBlock

On the Avalanche network, transactions that meet this category have soared from 164 as of Jan. 7 to 484 in 24 hours. To complement this bullish uptick, the large transaction volume jumped from 1.1 million AVAX to 3.84 million AVAX on record at the moment. In dollar terms, the large transaction volume grew from $33.57 million on Jan. 7 to $138.47 million the next day.

Other metrics on the Avalanche network are also intriguing, with a 7.46% surge in Daily Active Addresses to more than 70,000.

Avalanche price outlook

The bullish uptick being recorded on Avalanche as a layer-1 network is notably not translating into a positive price action for the underlying AVAX token. Though this is more a function of the broader market, AVAX is changing hands for $34.10, down by 6.21% in the past 24 hours.

Avalanche is one of the top performing altcoins at the moment, and this show of extreme bearish volatility is not uncommon. Ultimately, the AVAX price is poised to reclaim its winning ways, seeing as the current whale action is not dying down in recent times and might help drive the coin’s performance.

The AVAX whale may rebuild momentum by drawing on their history with the coin and the growing embrace of the Avalanche protocol by institutions.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.