Avalanche (AVAX) has recorded 10.9 million transactions in the past week, the highest since December 2023. This activity surge aligns with Grayscale Investments' filing of an S-1 with the US SEC to launch a spot AVAX trust, aiming for a Nasdaq listing. Avalanche's weekly DEX volume exceeded $3 billion, with liquidity strengthening in swaps and lending. AVAX is priced at $23, with a total value locked (TVL) of $2 billion as of August 26, 2025. Analyst Joe Swanson attributes the growth to partnerships, RWA tokenization, and gaming. CLS Global suggests a potential bullish rally for AVAX, with targets up to $34. Grayscale's initiative could expand market access, linking growth to the gaming market's projected $615 billion valuation by 2030.