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Avalanche Leads Ethereum in Whale Boost, Will AVAX Price Follow?
In a recent development that has sparked considerable interest and speculation within the cryptocurrency space, Avalanche (AVAX) whales have been found to be actively involved in transactions over the past 24 hours. The surge in transaction volume by 189% indicates intense activity from large-scale holders of the asset. This is noteworthy, as it surpasses the transaction volumes seen on higher-ranked assets like Ethereum and Cardano within the same time frame.
According to data provided by IntoTheBlock, this substantial whale engagement has led AVAX to outshine its competitors in terms of transaction volume. In contrast, Cardano whales experienced a decline of 9% during the same period, while Ethereum whales only managed to increase their activity by 114%.
While large-scale holders can either buy or sell the asset, it remains unclear which direction AVAX’s price will take. However, this heightened whale engagement could potentially catalyze a reversal in the market sentiment, leading to a potential upswing.
In the context of Avalanche’s recent performance, it is essential to note that AVAX has experienced a decline of 3.45% over the past 24 hours and is currently trading at $17.26. The asset will have to continue its upward momentum if it wishes to regain its strength lost during this period.
It seems likely that Ethereum whales’ increased transaction volume could be either a buy or sell move, but there is no definitive indication of which direction the market will take.
Source: u.today
