Avalanche (AVAX) Holders in Profit Hit 2023 High of 76%

Avalanche (AVAX) has pulled a stunning comeback, per its on-chain address profitability with 76.6% of all wallets currently seeing a profit on their investments.

According to data from IntoTheBlock, the 76.6% address count comes in at 4.72 million. Notably, 901,004 addresses are in loss or “Out of the Money,” a figure that accounts for 14.63% of all total addresses on the Avalanche network.

Avalanche Profitability | IntoTheBlock

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Avalanche Revamp: The Genesis

Avalanche lost its grip on the market earlier in the year with its profitability dropping by a large margin in August. At some point, AVAX addresses in loss topped 99%, based on historic data from IntoTheBlock. At this point, the sentiment and optimism about the future of Avalanche dampened remarkably.

Rather than give up on its visions, the team at Ava Labs and the developers on the protocol kept building. The dramatic shift in Avalanche’s performance came with the launch of Stars Arena, the social app designed to compete with Base Network’s Friend Tech.

Stars Arena ushered in a massive amount of transactions that soon uplifted Avalanche’s depressed transaction count status. Though Stars Arena hit a roadblock with an exploit, it has already ignited Avalanche, pushing it back on a bullish track.

One of the biggest endorsements for Avalanche came when it featured in an experiment spearheaded by JPMorgan using its asset management platform Onyx.

The AVAX Price Actions

Since profitability is a function of price action, Avalanche has seen a dramatic ride in its price action in recent months. Plunging as low as $8.92 on October 19, AVAX is now worth $28.09, up 6.65% in the past 24 hours and by more than 158% in the Year-to-Date (YTD) period.

Drawing on its improved profitability, IntoTheBlock posits that AVAX has no resistance on its way to the $30 mark.

With the renewed embrace of AVAX on mainstream trading platforms like Coinbase International, the sentiment about the coin’s future has returned, a trend that is ultimately good for the price in the long term.