Data suggests Avalanche’s (AVAX) rally was a buy the rumor, sell the news event

Avalanche (AVAX) came into the spotlight early at the beginning of 2023 by adding its blockchain support to Amazon Web Services (AWS) cloud. However, empirical and on-chain analysis suggests that Avalanche’s price surge is likely due to a broader cryptocurrency market pump which will likely end with the rest of the market.

Is Avalanche’s Amazon news exaggerated?

While integration with the world’s largest blockchain service is a positive step for Avalanche, the hype around its…

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