Avalanche is starting to see high volume on its protocol as interest in EUROC grows. AVAX prices start to rise, but strikers are getting pessimistic.
Avalanche[AVAX] has gained a lot of traction in terms of activity over the past month. One of the main reasons for the growing activity on the Avalanche network is said to be the increasing interest in stablecoins.
Realistic or not, here is AVAX’s market cap in terms of BTC
The euro corner
In particular, the Avalanche network benefited most from the growing interest in EUROC. Euro Coin, or EUROC, is a Euro-backed stablecoin that can be accessed worldwide 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 from the EUROC stablecoin than Coinbase and Ethereum combined. The volume was powered primarily on the Avalanche network by the dApp Trader Joe. Volume related to EUROC on the dApp grew 35.5% in the past 24 hours according to CoinMarketCap data.
Avalanche does more volume than Coinbase and Ethereum combined $EUROC
— Luigi D’Onorio DeMeo🔺 (@luigidemeo) July 8, 2023
Due to the high level of interest in EUROC on Avalanche, the number of daily active users of the protocol grew by 2.4% in the last 24 hours according to data from Token Terminals. In terms of turnover, there was a peak of 13.5% in the same period.
Consequences for the price
The AVAX token witnessed similar growth to the protocol in terms of price. Since June 10, the price of AVAX is up 32.58% after testing the USD 10.72 support level. The price showed higher lows and higher highs, creating a bullish trend during this period, until it approached the $13.71 level, after which the price underwent a minor correction.
However, AVAX managed to bounce back and surpassed the $13.71 level, managing to retest the $14.27 resistance. The RSI indicated that momentum was with the buyers at the time of going to press. In addition, the CMF showed that the flow of money was also in favor of the bulls.
Due to these factors, traders turned bullish towards AVAX. Coinglass data indicated that the percentage of bullish positions taken in favor of AVAX has risen from 47% to 52% in recent days.
Read Avalanche’s price forecast 2023-2024
However, the same optimism was not shown by strikers. Staking Rewards data showed that the number of addresses evicting Avalanche was down 2.97% in the past week.
This post Avalanche enlists the help of EUROC to outshine these giants
was published first on https://ambcrypto.com/avalanche-takes-the-help-of-euroc-to-outperform-these-giants/