Avalanche (AVAX) Down Over 10% in Hours, Mysterious Transfers Could be Fueling This Price Dip

• Avalanche (AVAX) plunges over 10% in hours, now at $24.86.
• Mysterious entity transfers 1.96 million AVAX tokens to several major Exchanges.
• Ava Labs introduces a game-changing scalability upgrade with DSMR.

Avalanche (AVAX) has taken a nosedive, plummeting over 10% within the last few hours. From a high of $27.7, it now hovers around $24.86. The crypto community is buzzing with speculation about the cause behind this sharp decline. Could it be a mere market correction, or is there something more intriguing at play?

The Curious Case of AVAX’s Price Drop

According to ZachXBT, a popular crypto investigator, this price dip isn’t your run-of-the-mill market fluctuation. Instead, it appears to be linked to a mysterious entity that has been on the move. This entity—whose identity remains shrouded in secrecy—has initiated the transfer of a whopping 1.96 million AVAX tokens, equivalent to a staggering $54.2 million. But where are these tokens headed?

ZachXBT traced the AVAX transfers to several major exchanges, including Coinbase, Binance, and Gate. But that’s not all. The entity is also bridging its AVAX holdings via THORChain, adding an extra layer of intrigue. Why the sudden rush to move such a substantial amount of AVAX across platforms?

Ava Labs, the team behind Avalanche, recently unveiled their latest innovation: the Vryx scaling solution. This isn’t just any upgrade—it’s a game-changer.

Vryx tackles a critical challenge faced by blockchain networks: scalability. How can you handle more transactions without compromising security or decentralization? The answer lies in Decoupled State Machine Replication (DSMR).

Unlike traditional blockchains, where transactions are processed sequentially and replicated in each block, DSMR takes a different approach. It organizes and distributes transactions before validation, allowing for simultaneous processing.

Source