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Olench’s stunning performance in the week of the market crash; Price growth of 3,600% in one year

The price of Olench increased its record a few hours ago for the third day in a row and reached the highest level of $ 140. The increase in intra-chain activities and the addition of oolong tokens to the US segment of Bainance Exchange are the main reasons for the dramatic growth in the price of this digital currency.

to the Report The cryptocurrency reached its historic high of $ 140 just hours ago. This is the third day in a row that Olench is breaking its historical record.

Blockchain is an intermediate chain network compatible with Ethereum; This means that any token and project operating in the Ethereum network can migrate to the Olench ecosystem and benefit from the capabilities of the Ethereum Blockchainchain at a much lower cost.

Market data show that the price of the oolong reached its historic high of $ 140 a few hours ago. Each unit of this digital currency is currently trading at about $ 137, and the price has grown by 17% in the last 24 hours.

Olench's stunning performance in the week of the market crash;  Price growth of 3,600% in one year
Olench Price Chart (1-Day Olench Market Overview / Dollar)

Olench was trading at around $ 3 in early 2021; This means that its return since the beginning of this year has been more than 3,600 percent.

Also read: What is the Avalanche Protocol and the AVAX Digital Currency?

The reasons for the astonishing growth of the price of oolong

According to analytics platform Coin98, 358 new projects have been added to the Olench ecosystem in the past 13 months, which is extraordinary in its own way.

Patrick Sutton, Public Relations Director at the Ava Labs Institute, which developed the Olench network, said on November 10 about the growing number of transactions in the Olench “C-Chain” chain:

1 million transactions in the last two days alone [زنجیره C-Chain] Olench is done. This figure is more than the total transactions of June (June) and July (July).

Olench's stunning performance in the week of the market crash;  Price growth of 3,600% in one year
Graph of daily number of C-Chain Olench chain transactions

The C-Chain is an example of an Ethereum virtual machine based on an oolong. Users can use the blockchain API to create smart contracts on it. In fact, anything that can be done on the Ethereum network is also possible using the C-Chain API.

Luigi DeMeo, director of decentralized finance (DeFi) at Ava Labes, said last Monday that the number of daily active addresses on the Olench network had increased 20-fold over the past three months.

Demo said:

Before launching [برنامه تشویقی] Avalanche Rush had 3,500 daily active addresses. Today, that number has reached 70,000, which is a 20-fold increase over the past three months. To better understand this, Netflix had 800,000 members a year after its launch in 2002, and it took eight years for the Olench to grow in three months.

Last Wednesday, the American division of Bainance Exchange announced that on November 18 (November 27) it will add the main token of the Olench network, “AVAX” to its market. Olench trades are currently traded in the US Bainance segment on the Olench / Dollar and Olench / Tetra pairs.

Jay Kurahashi-Sofue, a marketing manager at Ava Labs, tweeted two days ago that Olench is the fourth most popular network in terms of value for money locked (TVL) because users are looking for it. Blockchains are fast, cost-effective and safe, with a vibrant and active community.

Kyle Davies, co-founder and chairman of the board of the Three Arrows Capital hedge fund, predicts that the number of active projects in the Olench network will increase 10 times in the next three months.


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