Is this behind AVAX’s massive price surge?
- Activity on Trader Joe grew tremendously over the past few weeks.
- The price of AVAX surged alongside the network TVL.
As positive sentiment rose across the crypto sector, the overall prosperity of ecosystems grew on various networks. Avalanche [AVAX] was similarly no stranger to this ascent.
TraderJoe leads the way for AVAX
TraderJoe, a popular DEX on Avalanche, experienced remarkable growth on the Avalanche network. Over a specific period, the trading volume saw a substantial increase of 112%.
Additionally, fees collected from trading activity surged by an impressive 146%. The supply-side fees reached the substantial sum of $138,000, underlining the platform’s increasing usage.
Most of the trading, a significant 74%, took place on the Avalanche chain, with the remaining 25% occurring on Arbitrum [ARB]. These numbers reflected the growing popularity and activity on the TraderJoe_xyz platform within the Avalanche network.
Watching @TraderJoe_xyz as a dual play both on Avalanche and Arbitrum.
– Trading volume +112%
– Fees +146%
– Supply-side fees rose to $138,000
– Trading Volume by chain: 74% Avalanche/ 25% Arbitrum
Trader Joe enjoys the volume from both narratives. pic.twitter.com/0BkP3zzU7V
— Emperor Osmo🧪 (@Flowslikeosmo) November 13, 2023
The remarkable growth of TraderJoe_xyz on the Avalanche network brought several benefits along with it. More trading activity is happening, boosting the network’s vibrancy. This means there’s a lot of buying and selling.
The fees collected, which are like service charges, have gone up, adding more money to the network. The fact that most trading happens on Avalanche shows that more people trust this network.
Due to these factors, the TVL and DEX volumes on Avalanche have surged over the last few weeks. This is good for Avalanche because it shows that people trust the network and believe in it. It’s like more and more people using a bank, making it stronger and more reliable.
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When TVL grows, it can bring more income and fees to the network, which helps it become even more successful. So, a spike in TVL is like many people choosing to use Avalanche, which is a great thing for the network.
Due to these positive factors, AVAX’s price surged by 9.62% in the last 24 hours. At press time, it was trading at $18.04.