AVAX wrapped (Wavax) has seen an increase in the accumulation of wallet in the avalanche block chain, even when its price fell more than 4% in the last 24 hours, according to Thetie’s data.
Today, a total of 3,898 wallets were added to their Wavax holdings, almost double the recent average of 1,600, as shown in the data. A wrapped token is a token that represents a cryptocurrency of another block chain or Token standard and is worth the same as the original cryptocurrency. The token wrapped can be used in certain non -native blockchains for trade, loans and loans on the defi platforms and is then reduced by the original cryptocurrency.
While a decline price often points out the bassist feeling, the increase in accumulation could suggest that some merchants see long -term potential in Wavax. However, it remains to be seen if this purchase activity translates into price stability or a rebound.
The wallet accumulation occurs shortly after the most important cryptocurrency exchange binance added Avax as a refund option for its bybit card product and after the Avalanche network saw technological advances at the end of last year with its avalanche9000 update.
The avalanche ecosystem has also been seeing increasing integrations, including the expansion of the Tokenized Blackrock background.
Avax wrapped is a tokenized version of the Avalanche Native Avax currency, which allows broader compatibility through decentralized finance applications (DEFI).
The growing number of wallets holding Wavax may indicate that users are positioned for future defi activity. Avalanche’s Defi ecosystem, which includes important protocols such as Aave and Lido, has been seeing a slight decrease in the total value blocked in recent months. However, the volume trade on the network has been constantly growing, according to defillion data.
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