Avalanche Large Transactions Reach $329M, Highest Since December

According to CryptoPotato, the volume of daily large transactions on the decentralized, open-source Proof-of-Stake blockchain Avalanche has surged to its highest since December 2023. The network’s native token, AVAX, reached levels not seen since May 2022. Crypto market intelligence platform IntoTheBlock reported that Avalanche’s daily large transaction volume hit $329 million on Monday, March 11, indicating increased activity of large holders of AVAX. The last time large AVAX transactions, those with a value of $100,000 or more, recorded volumes around the current figure was on December 29, when the amount sat at $412 million. At the time, AVAX was worth $48, and the number of large transactions was more than 2,800. Data from IntoTheBlock shows that the number of large AVAX transactions is experiencing another recovery. While Avalanche’s current large transaction volume is far from the peak reached in the last bull run, the uptick indicates a bullish trend and a positive sign for market participants. The increase in large AVAX transaction volumes comes within a month after the Avalanche network experienced an hours-long outage. On February 23, the network’s C-Chain stopped producing blocks due to a finalization issue resulting from a client code bug. Developers eventually resolved the issue, and the blockchain resumed normal operations after roughly five hours. The incident affected AVAX as the asset’s price plunged by more than 3%, closing that day at $35. Meanwhile, AVAX has recovered significantly, becoming one of the top-performing altcoins in the market recently, alongside Solana (SOL), Toncoin (TON), and Algorand (ALGO).

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