What Caused Avalanche (AVAX) to Rise More Than 30% Today? Analyst Indicates Possible Price Target

Today, the price of Avalanche's native token, AVAX, surged by over thirty percent. But why is this most recent cryptocurrency rise happening? Hitesh.eth, a cryptocurrency expert, highlights the main positive elements propelling the market.

🎯 Novel Validator Request

Hitesh notes that there have been 116 recent additions to the Avalanche network of validators. Minimum 2000 AVAX must be staked by each validator, which means that at least 232,000 AVAX, or $5.7 million, have been locked up from validators alone.

🎯 Growing Use of Subnets

The analysis also demonstrates how Avalanche's subnets, such as DFK and DEXALOT, are now handling a higher volume of transactions than the Avalanche C-Chain as a whole. The popular game subnets Loco Legends and Sharpnel are set to debut soon as well.

🎯 Burning Tokens Increases Deflationary Pressure

Because to Avalanche's policy of burning 100% of fees, in the last 30 days, over 36,500 AVAX have been taken out of circulation. Deflationary pressure is expected to increase as more than 1700 subnets on the testnet are ready to go live and start burning fees.