2 Addresses Transferred $7.8T Worth of AVAX in Recent Months

One of the directors at Coinbase and the former director of Bridgewater, Conor (@jconorgrogan), tweeted yesterday that more than 70% of the total value ever transferred on Avalanche (AVAX) has involved just two addresses. The tweet added that these addresses have the names “Yield Yak” and “Benqi Finance”.

Conor’s tweet went on to add that $7.8 trillion was transferred over 1.2 million transactions within these contracts mainly over the past 4 months. The post concluded by saying that approximately $10.8 trillion has been transferred in AVAX’s entire existence.

At press time, AVAX is ranked number 16 on CoinMarketCap’s list of the biggest crypto project’s in terms of market cap, with its market cap estimated to be $5,781,770,742.

The altcoin’s price dropped 0.26% over the last 24 hours, which has chipped away at AVAX’s positive weekly price performance. As a result, AVAX’s weekly price performance stands at +0.51% and the altcoin is changing hands at $17.73 at press time.

AVAX has also weakened against the two leading cryptos Bitcoin (BTC) and Ethereum (ETH). Currently, AVAX is down 0.86% against BTC and 0.64% against ETH.

Daily chart for AVAX/USDT (Source: TradingView)

AVAX’s price continues to trade around the key price level at $17.18 and has traded within a tight consolidation channel between $17.18 and $18.05 over the last week.

During today’s trading session, AVAX’s price temporarily lost the support of the 9-day EMA line but was able to recover to trade above the EMA line at press time. However, AVAX’s price is currently hanging by a thread, which suggests that it will lose the support of the EMA line soon again.

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