The price of Avalanche (AVAX) has seen astronomical growth recently, surging over 300% in just two months. This parabolic rally has left many in the crypto community wondering—what is causing this massive price pump?
According to on-chain data, the number of active Avalanche addresses increased by 300% during this period. Additionally, decentralized exchange (DEX) volumes on Avalanche leapt from $10 million to over $200 million, representing a 2000% increase that is among the highest spikes seen across all blockchains, reports AlΞx Wacy.
At the same time, partnerships with major financial institutions like JPMorgan, Citi and RepublicNote have given Avalanche huge mainstream credibility. This one-two punch of surging fundamentals and institutional stamps of approval goes a long way in explaining why AVAX has pumped over 300% recently.
Moreover, this explosion in activity has been largely fueled by Avalanche’s burgeoning GameFi sector. The low fees and high throughput of Avalanche make it ideal for blockchain games. One project that has driven significant attention is Heroes of NFT (HON), an exciting turn-based collectible card game with metaverse elements. Players can battle one another in the arena using unique hero cards, with NFT items and cosmetics stored in their wallet enhancing heroes’ capabilities.
Other influential GameFi projects on Avalanche include DOMI Online, a unique medieval fantasy MMORPG focused on strategic alliance-building, and Heroes Chained, an RPG where players become guild masters leading teams on epic quests.
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The blockchain gaming boom on Avalanche has coincided with major institutional interest. Recent partnerships with JPMorgan, Citi and RepublicNote have given Avalanche exposure to mainstream finance. This could attract hordes of new crypto investors not only to AVAX, but the broader digital asset industry.
With fundamentals exploding as institutional and gaming adoption accelerates, Avalanche’s rally over the last two months could merely be the beginning. Key projects to keep an eye on include HON, DOMI and Heroes Chained, which look primed for significant growth ahead.
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