AVAX rallies to 3-month peak on network, DeFi growth hype

Avalanche’s native token AVAX responded to the latest news of the network’s growth, rallying to a three-month peak above $35 as it repositioned itself for ￰0￱ volumes also rose to the highest level in three months, at $2.12B. AVAX also went through a short squeeze, liquidating short positions above $35. The latest rally also surprised Hyperliquid whales, who were betting on a price slide. A total of 17 whales hold small gains or unrealized losses, while only 11 whales are long on ￰1￱ now, the token seems to have finished the short liquidations, and a downturn is possible to attack liquidity accrued for long positions at around $33.

AVAX open interest is also close to its peak, at $924M, with over 73% of traders picking a long ￰2￱ token is one of the relatively old assets from the 2021 bull market, which is still reinventing its network and DeFi ￰3￱ continued its expansion after the recent plans to launch a $1B treasury based on discounted tokens from the Avalanche Foundation. Additionally, the chain saw increased activity, with over 78K daily active ￰4￱ rallies on rapid USDC inflows USDC on AVAX is the most rapidly expanding stablecoin version, based on Token Terminal ￰5￱ the past month, the chain expanded its supply by 65.9%, for a total of over $1.2B in ￰6￱ total, Avalanche carries over $2.4B in various stablecoins, with a total value locked of $2.26B.

One of the chief drivers of expansion is the chain’s version of Aave, which grew its value locked by over 33% in the past month. Recently, Aave C-Chain also entered the top 5 of networks with the biggest inflows, with a net $6.3M added in the past 24 hours. C-Chain was surpassed by BNB Smart Chain, just behind Ethereum and ￰7￱ the past three months, over $30M net flowed into Avalanche C-Chain, with most of the funds originating on ￰8￱ is the biggest source of inflows into Avalanche C-Chain. |