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

Avalanche (AVAX) came into the spotlight early at the beginning of 2023 by adding its blockchain support to Amazon (NASDAQ:) 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.

While integration with the world’s largest blockchain service is a positive step for Avalanche, the hype around its implications might be exaggerated. The evidence lies in a similar move that Avalanche’s team made in December 2022.