- Avalanche price trades around $42 on Tuesday after rallying more than 20% in the previous week.
- AVAX announces the Avalanche9000 upgrade and unlocks $40 million in rewards for its community.
- On-chain data shows AVAX trading volume spikes and open interest rises to record levels.
Avalanche (AVAX) price trades around $42 on Tuesday after rallying more than 20% the previous week. The announcement of the Avalanche9000 upgrade on Monday has raised investors’ interest and activity on the AVAX blockchain, with its trading volume and open interest rising to record levels, suggesting a rally in AVAX tokens in the upcoming days.
Avalanche9000 upgrade goes live on the Fuji testnet
Avalanche’s official Twitter account announced on Monday that its Avalanche9000 is live on the Fuji testnet, with its mainnet launch expected in the coming months. The upgrade will reduce deployment costs by 99.9%, allow interchain communication, and unlock over $40 million in retroactive rewards to developers.
“Avalanche9000 is the largest network upgrade that Avalanche has undergone since its mainnet launch, combined with the groundbreaking Avalanche consensus that gives any application near-instant finality. This upgrade will make launching your own L1 more economically feasible, simpler to customize, smoother to maintain and quicker to bring to market.”, says its blog post.
Avalanche9000 is now live on Fuji Testnet with up to $40m in grants on Retro9000.
— Avalanche9000 (@avax) November 25, 2024
What does this mean for you? pic.twitter.com/fTsmNQNuXD
This announcement has led to a recent surge in traders’ interest and liquidity in the Avalanche chain. Santiment’s data shows that AVAX’s daily trading volume rose from $1.4 billion on Sunday to $2.22 billion on Tuesday, the highest since March.
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AVAX daily trading volume chart. Source: Santiment
Avalanche’s Open Interest (OI) is also supporting the bullish outlook. Coinglass’s data shows that the futures’ OI in AVAX at exchanges rose from $355.67 million on Thursday to $525.41 million on Monday, the highest level since mid-March. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in Avalanche price.
AVAX Open Interest chart. Source: Coinglass
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