Avalanche revolutionizes car titles, are you holding AVAX token?

[Vincom]

The Avalanche blockchain experienced a meteoric rise during the 2021 crypto uptrend, culminating in a peak valuation of 65 USD in the first quarter of 2024 following a recovery from a 9 USD nadir. Nevertheless, the subsequent four months witnessed a substantial price correction, with AVAX dropping to as low as 22 USD, causing significant investor disillusionment.

Recent developments highlight Avalanche's potential for practical use. A prime example is its transformative impact on the California car title industry. Avalanche is making waves in the real world. California's DMV has just digitized an astounding 42 million car titles onto the Avalanche blockchain. This groundbreaking partnership with Oxhead Alpha aims to streamline vehicle ownership transfers for millions of Californians. ^[1]

Blockchain's inherent transparency, security, and efficiency make it a prime technology for streamlining title transfers, benefiting both regulatory authorities and vehicle owners. While AVAX holders are primarily focused on the token's potential price appreciation driven by the expanding Avalanche ecosystem, this event underscores a more significant implication. It validates Avalanche's suitability for real-world governmental applications, positioning it as a serious contender to Ethereum in the realm of tokenization and institutional trust.

I'm optimistic that AVAX has weathered its price correction and is poised for growth. Positive developments within the Avalanche ecosystem, coupled with broader market trends like the success of spot ETH ETFs and potential FED rate cuts, are supportive factors. This should bolster investor confidence in AVAX and its long-term prospects.

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

[Kavelj22]

This is one of the projects I have followed the most and I was confident that it would be the most capable of competing with the Ethereum network, especially its ability to overcome the problems that Ethereum has been stuck in for a long time in development complications before it was able to overcome them, including the speed of transactions and high fees in addition to other development problems.

According to some readings from several sources, the AVAX currency of the Avalanche platform has witnessed fluctuating performance in the recent period, as it witnessed some large increases and decreases. Currently, the value of AVAX is about $ 25, with an increase of 18.1% over the past month. However, the price is still down 83% from its all-time high in November 2021, which was $ 145. However, the currency is expected to remain in a growth phase in the coming years thanks to the increased adoption of decentralized finance (DeFi) projects on its platform.

On another note, 9.54 million AVAX coins were issued in August 2024, which could cause a sharp drop in price due to the increase in supply, but nevertheless, there are still positive technical indicators that indicate the possibility of a return of upward momentum if the coin crosses certain resistance barriers. In the near future, the price of AVAX may reach around $50 by the end of 2024 with the continued developments in the Avalanche network infrastructure and the increasing adoption of the technology by institutions and large projects.

[passwordnow]

Are you holding AVAX token in your account?

No.

Do you think AVAX price will be positively affected by this event?

We're not sure about that but all I see about avax despite that there's not that much mainstream talks about it, the community that it has seems to be consistent and keeping it at the top ranks.

Does this event make you buy or continue to hold AVAX?

Not yet or maybe not at all. I'll into it if something like this really revolutionizes the main object of it or if it does need to be revolutionized.