Avalanche (AVAX) Price Soars 20% Overtaking Dogecoin, DEX Traders Benefit

With DEX trader Joe’s fee capture soaring to $1.23 million, Avalanche‘s DeFi ecosystem observes significant activity, driving up the price of AVAX.

After a dramatic surge over the past week, Avalanche’s native cryptocurrency AVAX has surpassed Dogecoin to become the ninth largest cryptocurrency by market value, with a price of $42 and a 20% increase in the past 24 hours. This is the greatest rise among the top ten cryptocurrencies, and it has pushed Avalanche’s weekly gains to an unprecedented 85%.

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The Avalanche DEX Market: A Mad Dash

Trader Joe, the top decentralized exchange (DEX) by Avalanche, is the focus of recent important events in the decentralized finance (DeFi) space, as revealed by DeFiLlama statistics. The second-highest amount for the year, Trader Joe’s fee capture, rose to $1.23 million on December 11.

Not only that, but the platform hit a major revenue milestone of $145,000. Over the past 24 hours, Avalanche’s native token, AVAX, has had an incredible spike of over 20%, going beyond $40.

The spike saw AVAX soaring to its highest point since May 2022, propelling it into the top ten in terms of market value. At the same time, JOE, the native token of Trader Joe’s, lost more than nine percent of its value.

Help for Validators and Large AVAX Transactions

Numerous cryptocurrency experts have expressed bullish feelings towards AVAX due to its outstanding outperformance in comparison to other popular altcoins. An interesting tendency in the rising volume of large AVAX transactions has been identified by the data given by IntoTheBlock.

Almost a thousand transactions above $100,000 were recorded at their peak last week. These levels are seen as a sign of optimistic market mood, even though they have not yet reached the levels seen in the last bull market.

Avalanche has also seen a considerable increase in its market value due to the attention it has received since launching a strategic initiative to strongly encourage validators.

While it received $11.5 million in user fees last year, this fourth-generation proof-of-stake blockchain has spent over $275 million in AVAX rewarding its validators. This is in stark contrast to its total earnings of $11.5 million.

This proactive strategy highlights Avalanche’s commitment to preserving a robust and decentralized network by guaranteeing efficient transaction confirmations.

Many in the Avalanche community are curious in the possible price trend of AVAX as we near the end of 2023, spurred on by discussions and enthusiasm surrounding the financial implications of Avalanche’s validator incentives. At $53, which is 25% higher than where it is now, Avalanche (AVAX) will face its next big price barrier.

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