The development of a project often leads to significant growth in the price of its corresponding token, potentiating what is known as “buy the rumor and sell the fact” – an expression used both in traditional markets and for cryptocurrencies when prices surge due to speculation then promptly drop from investors selling off their holdings.
AVAX, the primary token of the layer one Avalanche blockchain, experienced an impressive 20% spike upon its mid-January announcement that it was partnering with Amazon. The month saw further altcoin growth beyond 100%, even after a rumored “sale” and a potential 30% decline in February.
The Rise in Avalanche Has Benefited Other Coins On The Blockchain
Avalanche’s development of other projects and utilizing the network by different blockchain protocols have contributed to a surge in several cryptocurrencies over the last 30 days. A prime example is DSLA, which went from trading at $0.0014 (+3.81%) with a 246% monthly increase to becoming one of Polygon Network’s top 10 cryptocurrencies that rose as much as 1,031%. This can be attributed to its use on DSLA Protocol – a DeFi platform built upon Avalanche and various blockchains.
According to CoinMarketCap’s data, DSLA earned the highest monthly revenue, followed by PTP from Avalanche Platypus Finance. Trading at US$0.12 (-3.99%), it experienced an impressive 144% increase in just 30 days! Unfortunately, some projects could not be tracked due to a lack of market capitalization or insufficient verification information available on their values. Coming in third, the POOLZ Finance token was a “trading protocol that allows startups and project owners to auction off their tokens for initial liquidity,” garnering $3.09 (+11.66%), increasing at an impressive rate of 132% each month – apart from the PTP tokens mentioned beforehand.
As for Other Altcoins on Avalanche, the Situation Is as Follows:
Bolstering the top 10 cryptocurrencies this month with phenomenal gains, STG of the DeFi multichain protocol Stargate Finance skyrocketed 104%, followed by SHIBX of Avalanche Shibavax network, capturing a 96.71% jump over 30 days. Similarly, HEC topped at 94%; OOE at 68%; GMX at 58%; KLO at 50%; and NFTD at 45%. Additionally, Cointelegraph Brasil reported that within seven days time period, ten cryptocurrencies associated with NFTs and collectibles had surged up to 243% in just thirty days!
You may be interested in: EminiFX’s CEO Pleads Guilty: Eddy Alexandre Faces 10 Years In Prison
