Over the past week, the price of AVAX has surged by more than 84%, with an additional 11% increase in the last 24 hours alone. Currently valued at $40.68, AVAX has seen a significant rise in the number of large transactions, totaling over $100,000 across nearly 1,000 transactions, as reported by IntoTheBlock analysis.
Experts suggest that while this growth may not match the levels of previous bull trends, it does indicate a positive trend for the bulls.
AVAX has now overtaken Dogecoin in terms of market capitalization, securing the ninth position, while Dogecoin sits at the tenth spot.
Ruslan Lienkha, the head of the markets department at YouHodler, believes that the token’s surge in value will be short-lived due to its correlation with major cryptocurrencies like Bitcoin.
“We have observed that AVAX tends to follow the dynamics of Bitcoin, albeit with a slight delay. Hence, we anticipate that this time will be no exception, and the token will conform to Bitcoin’s trajectory,” said Lienkha.
Furthermore, the recent introduction of JITO governance token, a liquid staking protocol based on the Solana network, generated a massive trading volume of over $1.1 billion on its launch day. The developers of JITO allocated 80 million tokens to the community, early adopters, validators, and other participants of the protocol.
Additionally, two tokens associated with Geometric Energy Corporation, a Canadian company launching the DOGE-1 lunar satellite in January, are also enjoying a surge in value. The DOGE-1 spacecraft is scheduled for launch on January 12 via a SpaceX rocket from the Kennedy Space Center in the United States.