Avalanche Blockchain Network Activity Increases with Over Six Million Addresses

According to CryptoPotato, Avalanche layer 1 blockchain reached a significant milestone last weekend, amassing a balance across more than six million addresses. The data, compiled by IntoTheBlock, suggests increased network activity as the market recovers from a minor correction. On November 22nd, the number of transactions on the Avalanche blockchain reached a new all-time high of 6.35 million. Transaction sizes within various ranges experienced significant increases, with the $0.00 – $1.00 range surging by 3156.83% and the $1 million – $10 million cohort increasing by 233.33%. Transaction sizes within the ranges of $1k – $10k and $100k – $1 million were up by 110% each, while the $10 – $100 range surged by 81.51%. The only transaction size group to register a decline over the past month was the $1.00 – $10.00 range, with a negative value of 48.21%. The transaction volume also spiked to over 21 million AVAX this week, reaching levels not seen since May 2022. In terms of USD, the figure surged to $460.33 million. This on-chain activity coincides with AVAX's rally alongside the crypto market, with the token up by 110% over the past month and currently trading at $20.82. However, an upcoming token unlock event on November 24 could see approximately $213.35 million worth of AVAX tokens unlocked, constituting 2.68% of the circulating supply of layer 1 tokens. These unlocked tokens will be allocated to Strategic Partners, Founders, and Team members and distributed through community airdrops, with the largest share of 4.5 million AVAX valued at $100.62 million earmarked for the team. The total value locked on Avalanche is significantly below the 2022 high, but it appears to be slowly recovering this month. Additionally, the ecosystem recently received a major boost from its developer and accelerator, Colony Lab, which announced a $10 million investment aimed at fostering the sustained expansion of the AVAX network. The company has acquired over 500,000 AVAX tokens, valued at $8 million in recent months, and these funds will be directed towards establishing a validators program designed to benefit AVAX holders.