- Avalanche’s rising user base and daily transactions signal potential growth.
- NFTs, particularly the dokyoworld collection, played a key role in driving activity on the Avalanche network.
Avalanche [AVAX] has been attracting a lot of users to its network over the last few months. Due to this, the overall number of transactions occurring on the network grew.
Activity reaches new heights
This was further showcased by recent data which indicated that daily transactions on the Avalanche network hit a daily high for 2024.
The growing user base and heightened transaction activity on the Avalanche network signified a positive trend that can have several impactful implications for the platform.
Firstly, the increased adoption suggests a growing community of users who find value in Avalanche’s capabilities, potentially attracting more developers and projects to contribute to the ecosystem.
The surge in daily transactions is also indicative of heightened user engagement, showcasing the practicality and efficiency of the Avalanche network.
As more users actively participate, it not only validates the platform’s infrastructure but also fosters a positive environment for decentralized applications (DApps) and smart contracts.
Source: X
NFTs make an impact
NFTs served as a major catalyst for the growth of activity on the Avalanche network. Notably, the dokyoworld collection remained the leading NFT traded on Avalance, reaching a peak 90-day trading volume of $5.8 million.
In addition to the trading volume, there was another positive trend in the Dokyo NFT ecosystem.
While the unique number of wallets owning Dokyo NFTs was on the rise, there was a simultaneous decrease in the average number of Dokyo NFTs per wallet. This intriguing dynamic suggested a growing interest among an expanding community of Avalanche NFT collectors, further enhancing the network’s prominence in the NFT sector.
Source: Frosty Metrics
State of AVAX
At press time, AVAX was trading at $40.83 and its price had fallen by 4% in the last 24 hours. Despite the price of AVAX falling, the social volume around AVAX grew suggesting that the popularity of the AVAX token had increased massively over the last few days.
Realistic or not, here’s AVAX market cap in BTC’s terms
The weighted sentiment around the AVAX token also surged during this period. This implied that positive comments around AVAX had outnumbered the negative comments around the token.
This may help the price of AVAX to rally in the future despite the recent correction the token has faced.
Source: Santiment