Avalanche Hits $329M in Daily Large Transaction Volume as AVAX Reaches May 2022 Levels: ITB

The volume of daily large transactions on decentralized, open-source Proof-of-Stake blockchain Avalanche has surged to its highest since December 2023, as the network’s native token, $AVAX, reached levels not seen since May 2022.

According to a tweet from crypto market intelligence platform IntoTheBlock, Avalanche’s daily large transaction volume hit $329 million on Monday, March 11, indicating increased activity of large holders of $AVAX.

The total volume of large transactions on Avalanche hit $329 million on Monday, the highest daily amount since December. This indicates increased activity of large holders.
🔗https://t.co/uEam7LI5qY pic.twitter.com/6VAxo4V1j9

— IntoTheBlock (@intotheblock) March 13, 2024

Avalanche Large Transactions Record $329M Volume

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.

CryptoPotato reported two weeks before the time that the number of large $AVAX transactions was recovering from the brunt of the bull market and reaching a peak of 1.000. Although the figure eventually plummeted, alongside large transaction volumes, from 2,800 recorded on December 29 to 1,600 in mid-January, data from IntoTheBlock shows it 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.

At the time of writing, $AVAX was trading at $54, rising 24% weekly, per data from CoinMarketCap. With the asset’s current value, around 6.08 million addresses, representing 82.4% of its total holding wallets, are in profit, while less than 57,000 addresses are in loss.

Avalanche’s Recent Outage

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).