This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Amidst a market-wide correction, Avalanche’s native token AVAX has shown remarkable resilience, surging by almost 12% in the past day and reaching a level not seen since May 2022. This surge has defied the prevailing trend and has also thwarted sell-off pressure following a recent token unlock event. The number of large AVAX transactions exceeding $100,000 has also been on the rise, indicating a positive sign for the bullish trend.
AVAX’s impressive performance can be attributed to increased on-chain activity, with both new and active addresses experiencing a modest uptick. Additionally, the number of transactions on the layer 1 network has surged. The involvement of major banks in exploring real-world asset tokenization has also contributed to AVAX’s price surge. Prominent financial institutions like JP Morgan, Citi, and Bank of America have chosen Avalanche technology and Subnets for their blockchain solutions, highlighting the high-throughput capabilities of Avalanche’s blockchain.