AVAX, the native token of the Avalanche ecosystem has surprised the market, posting double-digit gains amid a drawback in the wider crypto space. AVAX token smashed through the $40 barrier on Dec.12 to reach an intra-day high of $43. At the time of publication, the layer 1 token trades at $38, up 12% over the last 24 hours and 123% over the last 30 days.
AVAX’s market cap soars 341% in two months
The latest rally has seen Avalanche’s total market value grow more from $3.25 billion when the recovery started in mid-October to the current value of $14.35 billion. This represents an increase of over $341% in just two months.
This is $1.06 billion more than Dogecoin’s $13.29 billion, flipping it to secure the ninth position on the CoinMarketCap ranking.
AVAX’s market capitalization has also increased by 200% over the last 12 months, from $4.04 billion recorded in December 2022.
AVAX is not the only crypto soaring within the Avalanche ecosystem. JOE (JOE) — the native token of Avalanche’s decentralized exchange Trader Joe, and QI – the native token of Avalanche’s liquid staking protocol Benqi, are also surging, with 5% and 20% gains respectively over the last 24 hours.
Coq Inu (COQ), a memecoin built atop Avalanche, is also recording an amazing performance after climbing 22% over the same period.
I honestly don’t even know the last time #AVAX has had a launch THIS wild. The $COQ vibes here are so strong, and with 100% Initial liquidity burned, 100% of supply launched, 0 tokens reserved, 0 tokens left to mint. Your standards for meme-coins should now be THIS high.
The… pic.twitter.com/3Ohw8p7tA4
— Viperxl007 (@Viperxl007) December 7, 2023
In a Dec. 11 crypto fund flows report, CoinShares head of research James Butterfill wrote that while majors such as Bitcoin and Ether suffered steep price declines this week, Solana (SOL) and Avalanche had seen inflows of $3 million and $2 million respectively, remaining “firm favorites” in the altcoin sector.
This interest could be fueling Avalanche’s rally, but is the upside over?
Fundamentals and a surge in user activity back Avalanche’s uptrend
Avalanche trades above an important demand area stretching from $15 to $20. Note that this is where all the major moving averages lie, suggesting that AVAX enjoys robust support on the downside.
Buyer congestion around the said support level is likely to provide the tailwind required to propel higher….
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