• Avalanche observed a spike in growth in terms of activity due to spike in NFT demand and dApp usage.
• AVAX price declined and volatility rose. 

Recent data indicated a significant increase in activity on Avalanche’s [AVAX] C-chain, the primary chain responsible for transaction validation and network consensus. As the network gains traction, questions arise regarding the future of AVAX, the native cryptocurrency of Avalanche.

Read Avalanche’s [AVAX] Price Prediction 2023-2024

An Avalanche of users

Token Terminal’s data revealed that Avalanche was steadily progressing towards amassing one million monthly active users on the network. The rising activity indicates a growing user base and increasing utilization of the platform’s capabilities.

One reason for the high activity on the Avalanche network was the rising demand for its NFTs.

According to AVAXNFTSTATS, sales on the Avalanche NFT network experienced a notable surge of 37.5% in the past week. However, it’s worth noting that interest in blue-chip NFTs like Roostr and MONKEEZ declined, suggesting a shift in preferences among NFT enthusiasts.

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Author: Himalay Patel

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