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Avalanche C-Chain Burning $12.65 Of AVAX Every Second, What Does It Mean For Price?
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Avalanche C-Chain Burning $12.65 Of AVAX Every Second, What Does It Mean For Price?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Avalanche AVAX burning

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Taking to X on November 22, one user, @kevinsekniqi, notes that the Avalanche C-Chain is burning roughly $12.65 of AVAX every second, a development that could be a massive boost for AVAX in the long term.

The surge in AVAX burning on the C-Chain is primarily due to the launch of inscriptions, which permit storing data on the Avalanche’s C-Chain, pushing the number of AVAX being taken out of circulation.

Avalanche Burning AVAX At Record Pace

@kevinsekniqi estimates that if the burn rate is maintained at spot rates, it could see approximately $400 million of the coin taken away from circulation. This could be a significant figure supporting AVAX bulls long-term since reducing supply at constant demand would naturally lead to price gains.

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The heightened activity in recent days stems from the over 2.3 million daily transactions tied to users creating and transferring “ASC-20” tokens to inscribe data permanently onto Avalanche’s C-Chain. On average, the Avalanche C-Chain processes around 450,000 transactions daily. However, this figure has been changing in recent days, reading from on-chain data.

On-chain activity is up roughly 4X due to inscriptions, driving the network’s revenue as gauged by gas fees collected.

Change in on-chain activity on the C-Chain | Source: SnowTrace
Change in on-chain activity on the C-Chain | Source: SnowTrace

Through inscriptions, new use cases, as demonstrated in Bitcoin, around provable ownership and identity have emerged. Since Avalanche is a public ledger maintained by distributed validators operating nodes, gas fees must be paid. Part of the gas is burnt as part of Avalanche’s structure.

FTX Group Selling AVAX, Bulls Dominant

It is not immediately clear how the spike in the number of inscriptions on the C-Chain will impact prices. Though more inscriptions could support bulls, other external market factors should be considered. 

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According to Scopescan data, FTX Group, a team tasked with managing FTX estate, recently sent 916,780 AVAX worth $20.7 million to Binance. Transfers to centralized exchanges are often interpreted as bearish. Following this, AVAX prices fell by 13% on November 21. 

FTX Group moving AVAX to Binance | Source: Scopescan on X
FTX Group moving AVAX to Binance | Source: Scopescan on X

Prices remain stable, and AVAX maintains an uptrend despite prices contracting this week. Looking at the developments in the daily chart, the coin roared 190% from October 2023 lows. It peaked at around $16 in November. 

Avalanche price trending downward on the daily chart | Source: AVAXUSDT on Binance, TradingView
Avalanche price trending downward on the daily chart | Source: AVAXUSDT on Binance, TradingView

At present, prices have cooled off, dropping by approximately 18%. Nonetheless, the uptrend remains. Any break above $16 could spur more activity, even lifting the coin towards August 2022 highs of around $30. 

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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