The price of AVAX has experienced a remarkable surge of over 103% in the past 30 days and an impressive 77% increase over the past year.
The price at $22 at the time of writing is the stand-out metric behind the network’s recent eye-catching activity which has seemingly performed better than volume and total value locked (TVL). This comparison is indicated below with transaction volume (green), price (red), and TVL (red).
The surge in AVAX’s price was accompanied by an even more significant increase in usage and activity on the Avalanche network. Between November 1 – 20 2023, daily transactions on the AVAX network surged from 183,107 to 5,750,000, reflecting an extraordinary increase of 3,040%.
Surge in TransactionsMoreover, there was a notable increase in the number of transactions per second (TPS) processed by the Avalanche network. The average transactions per second (TPS) on Avalanche surged from 2.24 on Nov. 1 to reach a peak of 66.61 on Nov. 20. This highlights the network’s handle increased throughput, highlighting its potential to support a high volume of transactions.
Between November 1 and 20, the gas used on Avalanche experienced a substantial increase, rising from 36.7 million to 153.79 million. This surge suggests a heightened level of activity on the network, potentially involving more intricate transactions.
In addition to the surging transaction metrics, the total number of addresses on Avalanche also saw a noteworthy increase. During the period from November 1 to November 20, the number of addresses on the Avalanche network increased from 13.56 million to 14.06 million.
We’re excited to announce that Republic Note will be launching on @avax.
This is a major milestone that marks the final leap before the Note’s market listing.
Details ↓
If you’re new:
Republic’s flagship investment product — the Republic Note — is a novel, dividend-paying… pic.twitter.com/yTnyXcS11y— Republic Note (@republicnote) November 17, 2023
Along with this growth, the network is seeing more public interest with news that Next-generation investment and technology firm, Republic, announcing plans to issue its upcoming digital asset on the Avalanche blockchain network.
Institutions like JP Morgan and Citi are creating products on the chain as well, all plans announced in November 2023.
Earlier in November 2023, Nigerian fintech, Canza Finance, launched Baki on Avalanche, a new stablecoin platform based on African fiat currencies, in what is described as an initial move to bring forex trading to emerging markets.
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