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Avalanche takes the help of EUROC to outperform these giants

2min Read

Avalanche protocol witnesses a massive surge in volume due to interest in EUROC. Prices begin to grow as traders turn bullish.

Avalanche takes the help of EUROC to outperform these giants

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  • Avalanche begins to witness large volume on its protocol as interest in EUROC rises.
  • AVAX prices begin to surge, however, stakers turn pessimistic.

Avalanche[AVAX] has been gaining large traction in terms of activity over the last month. One of the major reasons for the growing activity on the Avalanche network would be rising interest in stablecoins.


Realistic or not, here’s AVAX’s market cap in BTC’s terms


The Euro angle

Specifically, the Avalanche network benefited most from the growing interest in EUROC. Euro Coin, or EUROC, is a euro-backed stablecoin that’s accessible globally on Ethereum and Avalanche. Similar to USDC, Euro Coin is issued by Circle under a full-reserve model.

According to recent data, Avalanche has seen more volume of the EUROC stablecoin than Coinbase and Ethereum combined. The volume has been driven on the Avalanche network primarily by the dApp Trader Joe. The volume relating to EUROC on the dApp grew by 35.5% in the last 24 hours according to CoinMarketCap’s data.

Due to the high interest in EUROC on Avalanche, the number of daily active users on the protocol grew by 2.4% in the last 24 hours according to Token Terminals data. In terms of revenue, there was a 13.5% spike observed during the same period.

Impact on price

The AVAX token witnessed similar growth as its protocol in terms of price. Since the 10 June, the price of AVAX grew by 32.58% after testing the $10.72 support level. The price showed higher lows and higher highs establishing a bullish trend during this period, till it approached $13.71 level after which the price experienced a minor correction.

However, AVAX managed to bounce back and surpassed the $13.71 level, and managed to re-test the $14.27 resistance. The RSI indicated that the momentum was with the buyers at press time. Additionally, the CMF showed that the money flow was favoring the bulls as well.

Source: Trading View

Due to these factors, traders were turning bullish toward AVAX. Coinglass’ data indicated that the percentage of bullish positions taken in favor of AVAX increased from 47% to 52% in the last few days.


Read Avalanche’s Price Prediction 2023-2024


However, the same optimism wasn’t showcased by stakers. Staking rewards’ data indicated that the number of addresses staking Avalanche had fallen by 2.97% over the last week.

Source: Staking Rewards

 

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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