Avalanche (AVAX) Price Could Reach $30 as Staking Increases
The post Avalanche (AVAX) Price Could Reach $30 as Staking Increases appeared on BitcoinEthereumNews.com.
Avalanche (AVAX) price retested the $20 on Monday for the first time since April 2023. Leading cryptocurrency analyst, Hitesh Malviya identifies the GameFi revival within the Avalanche ecosystem as a major growth catalyst that could trigger further AVAX price gains. Avalanche price attracted investor interest over the past week, racing to a six-month peak of $20. What are the fundamental catalysts behind this price breakout and how much further can the bulls drive the rally? GameFi Resurgence Triggers Massive Adoption and Fee Burns AVAX price has gained 75% in the last 10 days, becoming the second-best performing mega-cap altcoin this month, behind Solana (SOL). Looking beyond the broader altcoin market rally, on-chain data has revealed the fundamental drivers behind the ongoing AVAX price rally. Crypto analyst Hitesh Malviya recently told BeInCrypto that newly launched GameFi subnets are a major driver propelling AVAX adoption. A subnetwork (subnet) is a separate blockchain protocol built to operate within a native Layer 1 blockchain protocol. Within the Avalanche ecosystem, these subnets supply validators that various blockchains can share. In an elaborate tweet, Malviya explained that Avalanche gaming subnets like DFK and DEXALOT are already processing more transactions than the Avalanche C Chain. “Avalanche subnets DEXALOT and DFK are processing more transactions than the Avalanche C Chain,” Malviya said. In effect, this has increased the number of tokens burned as gas fees in the past month. Avalanche (AVAX) Burned Fees Statistics | Source: AVASCAN Avalanche burns 100% of its revenue from transaction fees. And the increased network traction from the gaming adoption appears to have accelerated the AVAX burn rate. The chart above illustrates that the Avalanche network has burned 38,057 AVAX in the last 30 days. Essentially, an increased burn rate during a rally is an indication that the price uptrend is currently being driven by…
Filed under: News - @ November 13, 2023 8:12 pm