AVAX, the native token of Avalanche blockchain, has been making headlines lately as the Avalanche NFT transfers soared to record figures in the month of April alone.
As the blockchain world continues to expand, the surge in NFT transfers on the Avalanche network raises a burning question – Will this help AVAX price go up?
Let’s explore the possibilities.
AVAX NFT Collections, dApps Gain Traction On Avalanche Network
The AVAX token is set to benefit from the latest surge in NFT transfers on the Avalanche network, which has seen over 2 million NFT transfers in April alone, five times greater than March.
This trend can be attributed to the blockchain’s fast and low-cost transactions and scalable platform, which has made it a preferred choice for NFT creators and collectors.
$AVAX NFTs are smashing records!
In April alone, the @avax network recorded over 2 million transfers — 5 times more than the previous month of March! pic.twitter.com/3z59MkGUc3
— Emperor Osmo🧪 (@Flowslikeosmo) April 23, 2023
The surge in Avalanche NFTs can also be traced to the popularity of blue-chip AVAX NFT collections such as Chikn and Doggerinos, which have experienced significant volume spikes in recent months, according to AVAX NFT Stats.
The growing interest in the Avalanche network has also translated into a rise in activity on dApps such as Trader Joe, a leading DEX on the network.
As a result, the Avalanche network has seen a substantial increase in transaction volume and quantity, suggesting that AVAX is poised to gain further traction in the blockchain and crypto space.
In the past month, Trader Joe has seen a 184% surge in the number of unique active wallets on its platform, reflecting the increasing demand for decentralized trading on the network.
The future appears promising for the AVAX token, as more users explore the platform’s potential for NFTs and dApps.
So-So Performance By AVAX
The AVAX token’s performance has been somewhat lackluster in recent days. Over the past week, the price of AVAX has experienced a substantial decline of 20.65% according to CoinMarketCap.
Despite this, it has managed to gain 1.17% over the past 24 hours and is currently trading at $16.97.
Source: CoinMarketCap
The mixed results on the Avalanche network suggest that while there is growing interest in NFTs and dApps, there are still challenges to overcome.
The decline in active addresses may be a reflection of users exploring other platforms or simply taking a break from trading on the network.
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AVAX Network Sees Mixed Results Despite NFT And dApp Activity
Meanwhile, the Avalanche network has witnessed a surge in NFT transfers and increased activity on its dApps, the overall number of daily active addresses on the network has declined in recent weeks.
According to data provided by Artemis, and reported by AMBCrypto, the number of active addresses on AVAX fell from 79,740 to 75,000 in the last 30 days, resulting in a decrease in the number of transactions being made on the network.
Source: Artemis
AVAX total market cap currently at $5.5 billion on the daily chart at TradingView.com
-Featured image from BuyNFT.com