AVAX price surges amid 168% spike in network usage

Avalanche token AVAX has seen its price surge by more than 32% this past week. Gains include a 9% spike in the past 24 hours. Nansen data showing Avalanche as top chain with 168% increase in network growth this past week. Avalanche (AVAX) has spiked significantly in the past week as the blockchain network witnesses notable growth. The surge to near new all-time highs for Bitcoin (BTC) and Ethereum (ETH) breaking to above $2,700 adds to positive vibes for not just Avalanche, but most altcoins. AVAX price spikes amid network growth The AVAX token is an uptrend and data from multichain analytics platform Nansen shows a staggering 168% surge in transaction activity. The seven day change for Avalanche tops all major chains, outpacing BNB Chain, ZKsync, Base and Scroll. Network activity comes alongside a notable uptick in Avalanche’s native token, AVAX. The surge includes climbing from lows of $15.69 to highs of $26.52. Buyers have been buoyed by broader market optimism and fresh network sentiment. Analysts attribute the upbeat sentiment to Avalanche’s notable growth. It includes the network’s role in real-world use cases. In one instance, Indian town of Dantewada digitized over 700,000 land records on Avalanche. Infusing tamper-proof records and cutting legal costs is key to blockchain use. It also underscores Avalanche’s potential for practical, large-scale adoption. With transaction volumes soaring, market sentiment suggests AVAX could be gearing up for further gains. Bitcoin’s run to $105k and altcoins’ upside signal the potential for further gains in 2025. VanEck launches tokenized fund on Avalanche Adding to Avalanche’s momentum, investment giant VanEck has launched its tokenized VanEck Treasury Fund (VBILL) on the network, alongside BNB Chain, Ethereum, and Solana. Announced by Securitize, VBILL offers institutional investors on-chain access to short-term U.S. Treasury investments, with a minimum entry of $100,000 on most chains and $1 million on Ethereum. This move bridges traditional finance and blockchain, providing crypto firms with a secure, liquid way to tap into the treasury market. Avalanche’s inclusion in this multichain strategy highlights its growing reputation as a reliable platform for institutional-grade solutions. The fund’s deployment on Avalanche attests to the platform’s scalability and security. It als alludes to Avalanche’s solidifying of the network’s position as a go-to network for innovative financial products. In 2021, the bull market rally saw AVAX price hit an all-time high of $146. While bulls are 80% off that peak at current levels, they could see a new leg up. Recent achievements, from transaction growth to institutional adoption, may be crucial catalysts for AVAX price. As the network attracts developers and investors alike, its role in the blockchain ecosystem looks set to expand even further. Source: https://coinjournal.net/news/avalanche-avax-rallies-as-network-activity-jumps-168/