Conor Grogan, a prominent figure in the world of finance as a director at Coinbase and former director at Bridgewater, took to Twitter to share an interesting observation. According to his tweet, a staggering 70% of the total value ever transferred on Avalanche (AVAX) has been linked to only two addresses, namely “Yield Yak” and “Benqi Finance.” This revelation sheds light on these addresses’ significant role in the AVAX ecosystem.
According to Conor’s tweet, an impressive $7.8 trillion has been transferred through 1.2 million transactions within these contracts, primarily over the last four months. The post concludes by stating that the total amount transferred throughout AVAX’s existence is approximately $10.8 trillion. These figures are a testament to the platform’s robustness and efficiency in handling large-scale transactions.
As of the latest update, AVAX has secured the 16th spot on CoinMarketCap’s roster of top cryptocurrency projects based on market capitalization, boasting an impressive estimated market cap of $5,781,770,742.
Over the past 24 hours, the altcoin’s value has experienced a slight decline of 0.26%, causing a dent in AVAX’s otherwise positive weekly price performance. AVAX’s weekly price performance currently stands at +0.51%, with the altcoin currently trading at $17.73.
AVAX has experienced a decline in value compared to the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). AVAX faces a 0.86% decrease against BTC and a 0.64% decrease against ETH.
The current market situation for AVAX sees its price hovering around the crucial price point of $17.18. In the past week, the cryptocurrency has remained within a narrow consolidation range of $17.18 to $18.05, indicating a period of stability in its trading activity.
AVAX’s value experienced a momentary dip below the 9-day EMA line during today’s trading session. Nevertheless, it regained its footing and is trading above the EMA line as of press time. However, the current state of affairs indicates that AVAX’s value is precariously balanced and may soon lose the support of the EMA line once more.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
