A Splendid Bounce for AVAX: A Tale of Tokens and Treasuries

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The delightful dance of AVAX, the native token of the Avalanche blockchain, has encountered a minor obstacle in its recent relief bounce. After a spirited rally from $14 on the 1th of March to $19 on the 12th, a sudden movement from the US government coincides with the price correcting to $18 on the 13th.

This 35% relief bounce follows a prior bearish trend where AVAX fell from $21-$22 between the 7th and 10th of March.

Adding to the market’s lively discourse, the US government has moved around 230 AVAX tokens to a new wallet, sparking speculation about potential selling pressure or strategic fund management.

In a recent post on X, Arkham Intelligence disclosed this transfer where AVAX is valued at about $5,500 AVAX. The transfer is made after AVAX experienced a sharp rally, with Arkham’s alert garnering attention during recent price movements.

ARKHAM ALERT: US GOVERNMENT MOVING FUNDS

THEY HAVE JUST MOVED $5.5K $AVAX TO A NEW WALLET

— Arkham (@arkham) March 13, 2025

In spite of the retreat, AVAX remains in high spirits, with a market capitalization of $7.52 billion and 24-hour trading volume at $340.04 million, shooting 28.66%. Currently, it stands at position 16 on CoinMarketCap.

In the past, market sentiment has been impacted by the U.S. government’s cryptocurrency transactions, typically with conjecture about potential impacts on asset prices. Even if the 230 AVAX token transaction is very minor, it has the potential to spark discussion about market dynamics and government intervention in the cryptocurrency space.

It’s also worth noting that VanEck, a prominent investment firm, recently filed for an Avalanche ETF in the U.S. One can only wonder what the future holds for our dear AVAX in this whirlwind of tokens and treasuries.

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2025-03-13 21:25