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 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.
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).