Avalanche Blockchain Hits Significant Milestone
Last weekend, Avalanche layer 1 blockchain achieved a significant milestone, amassing a balance across more than six million addresses. This trend indicated increased network activity in the market’s recovery 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.
AVAX Network Activity Increases, But Sell-Off Concerns Loom
Transaction data from IntoTheBlock revealed that transaction sizes in various ranges surged significantly, with some reaching historical highs. The total transaction volume also spiked to more than 21 million AVAX, the highest levels since May 2022, reaching $460.33 million in USD.
Despite the rally in AVAX’s price, there are concerns about an upcoming token unlock event scheduled for November 24, during which approximately $213.35 million worth of AVAX tokens are set to be unlocked, potentially increasing selling pressure on the token.
$10M Boost for AVAX Ecosystem
Colony Lab, the developer and accelerator for Avalanche, recently announced a $10 million investment to support the expansion of the AVAX network. This investment will include the establishment of a validators program to benefit AVAX holders.
### News source: cryptopotato.com