Avalanche AVAX, the layer one Blockchain serving as a versatile platform for decentralized applications and custom Blockchain networks, witnessed a remarkable surge last month, soaring over 102% and achieving its peak for the year at $24.54 during November.
Delving into the Avalanche Ecosystem, insights from Intotheblock reveal noteworthy dynamics. Over the past year, the ecosystem experienced significant volatility in volume. After a period of declining volumes, November marked a robust resurgence, with total weekly transaction volumes hitting levels not seen since May 2022.
Explore the Avalanche ecosystem with our latest Perspective. This curated set of dashboards is key for understanding the on-chain heartbeat of the @avax ecosystem.
Let’s take a look at some of the indicators
In the last year, there… pic.twitter.com/KiWUHKYGf1
— IntoTheBlock (@intotheblock) November 30, 2023
Avalanche AVAX Hits 3.07 Million Transactions
A standout moment occurred on November 20, as the transaction count on Avalanche’s C-Chain set a new record, reaching an estimated total of 3.07 million transactions.
In the recent 7-day span, $AVAX unsurprisingly led in transaction volume. Noteworthy, $GMX and $Joe maintained substantial and consistent volumes, indicative of a dedicated user base.
When scrutinizing addresses, Traderjoe_xyz emerged second in the number of addresses holding tokens, trailing behind AVAX. GMX, Pangolin, Platypus, and Benqi closely follow, presenting a competitive landscape in terms of holders.
Over A Notable 66% Of AVAX Holders Are Currently On Profit
An analysis of holders reveals that over 66% of AVAX holders are currently in profit. Similarly, GMX (41.80%) and Joe (37.90%) display robust profit ratios. However, it’s worth noting that a significant portion of investors remains below break-even.
A notable trend in the Avalanche ecosystem is the decreasing proportion of whale holders over the last two years, dropping from 62% to the current 43%. While a high concentration of whale holders may raise concerns about price stability, in this context, it signals a more balanced distribution.
Massive Number Of Holder’s Growth In The Last 2 Years
Moreover, the ecosystem has matured as the number of holders surged from 776,000 to 6 million in the past two years. This shift reflects a broader and more dispersed distribution of holders, coupled with a reduced concentration of whales, signifying the growth and maturation of the Avalanche Ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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