Avalanche revolutionizes car titles, are you holding AVAX token?

[KryptoBull]

Avalanche is a blockchain that gained significant popularity in the crypto market during uptrend 2021. It made a strong comeback during the Q4 2023 - Q1 2024 recovery period, surging from 9 USD to 65 USD. Unfortunately, over the past 4 months, AVAX price has undergone a major correction, dropping as low as 22 USD and disappointing many investors.

Recently, we have had quite positive news about the applicability of Avalanche to real-life needs: Avalanche revolutionizes car titles in California.

California has taken a bold step towards modernizing its Department of Motor Vehicles (DMV) with blockchain technology: the DMV digitized 42M car titles on the Avalanche blockchain network. This initiative, developed in collaboration with software development firm Oxhead Alpha, promises to revolutionize the way Californians transfer vehicle ownership. ^[1]

Regulatory bodies and vehicle owners will benefit from the unique values that only blockchain can offer: transparency, security, and convenience in title transfers. As for AVAX holders, they are likely more interested in the potential price increase of AVAX in the near future, as investors buying AVAX are not just holding for fun, but to profit from the growth of the Avalanche ecosystem. This event has helped confirm Avalanche's potential for real-world adoption by government agencies in the future, meaning that Avalanche truly has value similar to Ethereum, which is trusted by financial institutions for tokenization purposes.

I personally hope that AVAX price correction is over and we can expect AVAX to grow thanks to positive news from the Avalanche ecosystem and the overall market and economy, such as the success of spot ETH ETFs and the FED interest rate cut in September. At least AVAX holders now have more reason to believe in the future of Avalanche and continue holding AVAX in their accounts.

I would like to know your opinion on this issue:

• Are you holding AVAX token in your account?
• Do you think AVAX price will be positively affected by this event?
• Does this event make you buy or continue to hold AVAX?

References:
[1] California DMV Puts 42M Car Titles on the Avalanche Network in Digitization Push
Note:

• My opinion has been presented in a topic, on BitcoinTalk forum.
• This topic on AltcoinsTalks forum has included a minor change in the way my opinion is presented.
• This statement is to avoid accusations of plagiarism.

[MrSpasybo]

I would like to know your opinion on this issue:

• Are you holding AVAX token in your account?
• Do you think AVAX price will be positively affected by this event?
• Does this event make you buy or continue to hold AVAX?

1. I've been holding AVAX since the crypto winter and have seen some decent profits from its significant price increase over the past year. While AVAX price recovery has been less impressive than SOL, it's still outperformed most other tokens in the market.

2. I think this will positively impact investor sentiment towards AVAX, increasing their belief in Avalanche potential. As a result, they may hold or buy more AVAX, pushing AVAX price up. However, the implementation of car titles storage on Avalanche hasn't yet generated enough transactions or AVAX burns to significantly impact AVAX price.

3. My bullish outlook on Avalanche and AVAX remains unchanged in this cycle: I'll continue holding until the bullrun and hope to take profits at the peak.

[Husires]

Circulating Supply is approximately half of the Max Supply, which means that the supply will not decrease, and therefore if the price increases, there must be a real increase in demand.
I think that the levels of $70 are the maximum that we may get this year, but since the All Time High is $146, recovering half of that value does not represent a success for the project, and the long-term downward curve has begun.
Avalanche needs something real.

[KryptoBull]

Circulating Supply is approximately half of the Max Supply, which means that the supply will not decrease, and therefore if the price increases, there must be a real increase in demand.
I think that the levels of $70 are the maximum that we may get this year, but since the All Time High is $146, recovering half of that value does not represent a success for the project, and the long-term downward curve has begun.
Avalanche needs something real.

I believe that during an uptrend, most tokens will increase in price due to investor FOMO. AVAX will also follow this trend thanks to the vibrancy of its ecosystem. AVAX supply will continue to increase with token unlock events, making it difficult for AVAX to become a deflationary token like ETH. However, this doesn't hinder AVAX's potential for price appreciation.

Most tokens in the crypto market still lack real-world demand, including ETH and SOL. This is because their blockchains have not yet been widely adopted in the economy and do not have a large volume of transactions driven by demand from outside the crypto market. The prices of these tokens are still created and supported by investor expectations rather than actual demand.

[MrSpasybo]

I believe that during an uptrend, most tokens will increase in price due to investor FOMO. AVAX will also follow this trend thanks to the vibrancy of its ecosystem. AVAX supply will continue to increase with token unlock events, making it difficult for AVAX to become a deflationary token like ETH. However, this doesn't hinder AVAX's potential for price appreciation.

Most tokens in the crypto market still lack real-world demand, including ETH and SOL. This is because their blockchains have not yet been widely adopted in the economy and do not have a large volume of transactions driven by demand from outside the crypto market. The prices of these tokens are still created and supported by investor expectations rather than actual demand.

Total supply is just one of many factors that cause a token's price to fluctuate, and sometimes it's only used as a reluctant explanation for a token's price increase or decrease. AVAX is designed with a monthly token unlock event and also has a mechanism to burn 100% of transaction fees within the Avalanche network, making it quite flexible, and we can't be sure if it can be deflated in the future.

Avalanche is a good blockchain with continuous development and upgrades throughout the crypto winter. I believe that with C-chain and Vryx 100k tps, Avalanche will continue to be chosen by users and investors in this bullrun when participating in big trends such as DeFi, NFT, GameFi, RWA... That is the main driving force for AVAX price to increase over time, and even create a new ATH in this cycle!

[Husires]

Circulating Supply is approximately half of the Max Supply, which means that the supply will not decrease, and therefore if the price increases, there must be a real increase in demand.
I think that the levels of $70 are the maximum that we may get this year, but since the All Time High is $146, recovering half of that value does not represent a success for the project, and the long-term downward curve has begun.
Avalanche needs something real.

I believe that during an uptrend, most tokens will increase in price due to investor FOMO. AVAX will also follow this trend thanks to the vibrancy of its ecosystem. AVAX supply will continue to increase with token unlock events, making it difficult for AVAX to become a deflationary token like ETH. However, this doesn't hinder AVAX's potential for price appreciation.

Yes, but the money that will flow into the market will mainly go to Bitcoin and Ethereum, and if investors increase their cryptocurrency basket, what will make AVAX one of them, especially with the monthly unlock. DeFi tokens will not witness the same momentum as before, so you should expect AVAX to not perform ideally or at least be among the best investments in terms of return, but the price will definitely rise.

[KryptoBull]

Yes, but the money that will flow into the market will mainly go to Bitcoin and Ethereum, and if investors increase their cryptocurrency basket, what will make AVAX one of them, especially with the monthly unlock. DeFi tokens will not witness the same momentum as before, so you should expect AVAX to not perform ideally or at least be among the best investments in terms of return, but the price will definitely rise.

An uptrend, coupled with FOMO, positive news from Avalanche, and the increasing TVL of DeFi and GameFi within the Avalanche ecosystem could be the driving forces behind the rising price of AVAX token and attract potential investors to the market. I believe that if whales want to pump AVAX price, they will always find ways to do so. The simplest way is to use money to pump AVAX price to a new ATH, thereby attracting media attention and investors, making AVAX a token worth buying and holding in their portfolios.

Everything is still in the future, and we cannot accurately predict everything. However, with frequent upgrades throughout the crypto winter and the recovery of the AVAX token, I believe that Avalanche will not be left behind in this uptrend. The Avalanche ecosystem will become vibrant again and create profit-making opportunities for crypto investors.

[Husires]

An uptrend, coupled with FOMO, positive news from Avalanche, and the increasing TVL of DeFi and GameFi within the Avalanche ecosystem could be the driving forces behind the rising price of AVAX token and attract potential investors to the market.

AVAX's performance today was among the worst among cryptocurrencies including Ethereum, although Ethereum has been on a bullish trend in the past months. In FOMO, most altcoins do not perform well and selling pressure is higher.

[KryptoBull]

AVAX's performance today was among the worst among cryptocurrencies including Ethereum, although Ethereum has been on a bullish trend in the past months. In FOMO, most altcoins do not perform well and selling pressure is higher.

AVAX is going through a tough time as it's being negatively impacted by the overall financial market, and its price has dropped more significantly compared to other top coins like BTC or ETH. This could be due to the upcoming token unlocking event which will create additional selling pressure on AVAX in the market.

As I understand it, FOMO is a period where investors are eager to buy crypto in hopes of future profits, and the prices of many tokens will increase. I don't think people will sell AVAX or other altcoins during a FOMO.

[Hamza2424]

AVAX's performance today was among the worst among cryptocurrencies including Ethereum, although Ethereum has been on a bullish trend in the past months. In FOMO, most altcoins do not perform well and selling pressure is higher.

AVAX is going through a tough time as it's being negatively impacted by the overall financial market, and its price has dropped more significantly compared to other top coins like BTC or ETH. This could be due to the upcoming token unlocking event which will create additional selling pressure on AVAX in the market.

As I understand it, FOMO is a period where investors are eager to buy crypto in hopes of future profits, and the prices of many tokens will increase. I don't think people will sell AVAX or other altcoins during a FOMO.

Hmm, I can agree that most altcoins including the AVAX are facing the pressure of the entire financial market's impact and the upcoming token unlocks, but in my views while taking an asset performing well or not the timeline should be on a large time frame to judge and for sure as many coins are under-perming these days by the end of deadline for this bull cycle for sure we can see the expected gains and that time we can say this was super success and super failure as for AVAX I'm still bullish and accumulated a couple more in this panic.

Even though my previous buying are from a very bottom range still in my view it was worth investing.

[KryptoBull]

Hmm, I can agree that most altcoins including the AVAX are facing the pressure of the entire financial market's impact and the upcoming token unlocks, but in my views while taking an asset performing well or not the timeline should be on a large time frame to judge and for sure as many coins are under-perming these days by the end of deadline for this bull cycle for sure we can see the expected gains and that time we can say this was super success and super failure as for AVAX I'm still bullish and accumulated a couple more in this panic.

Even though my previous buying are from a very bottom range still in my view it was worth investing.

At least, AVAX price has not been pushed back to the bottom range of ~9 USD or created a new low like many other altcoins in the market. To me, this is a positive signal that reaffirms the strong recovery of AVAX in the past year. Additionally, after a sharp increase from 9 USD to 60 USD, the adjustment to 20 USD is completely normal and necessary for an upcoming uptrend.

The Avalanche community remains very optimistic about the potential and future of the ecosystem. Although it cannot be compared to Solana, Avalanche still has its own directions such as upgrading scalability to 100k tps or developing C-chaind to become a Layer-0 blockchain in this market. I think that in this uptrend, those who believe in Avalanche will also receive large profits like those who have always supported Solana.