Avalanche Blockchain Buzzes with Activity in Anticipation of AVAX Token Unlock Event
Avalanche, a foundational blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. platform, has recently marked a substantial achievement, amassing balances across more than six million addresses, suggesting a surge in network activity. The Avalanche blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. saw a record high of 6.35 million transactions on November 22nd. Remarkably, transaction sizes between $0.00 and $1.00 saw an impressive 3156.83% surge. The volume of transactions also escalated to a remarkable 21 million AVAX this week, reaching a mark last seen in May 2022, equivalent to $460.33 million. A key event, the avax token unlock event, is due on November 24. About $213.35 million worth of AVAX tokens, accounting for 2.68% of the circulating supply of foundational tokens, are slated to be unlocked. These tokens are earmarked for Strategic Partners, Founders, Team Members, and community airdrops, with the team getting the lion’s share of 4.5 million AVAX valued at $100.62 million. Despite the impending avax token unlock event, the token’s price has rallied impressively, rising by 110% over the previous month. Nonetheless, the high reserves of AVAX on exchanges could lead to increased selling pressure, potentially pushing its price down. On another note, the AVAX ecosystem got a substantial lift from Colony Lab, its developer and accelerator, which pledged a $10 million investment for the continued growth of the AVAX network.
