The price of Avalanche (AVAX) has surged following an increase in interest in a new social app built on its blockchain.

AVAX at the time of writing was trading for $10.70, a 8.3% 24-hour increase, according to CoinGecko data. This makes the asset one of the best-performing cryptocurrencies in the past day.

And in the past week, it’s also a winner, having shot up nearly 17% in seven days.

The reason: Stars Arena, a social platform rival to Friend.tech built on Avalanche’s Contract Chain (C-Chain).

Launched last month, Stars Arena is a Friend.tech fork (basically a copy) and has drawn users wanting an alternative to Friend.tech, which exploded with popularity following its August launch.

And people are interested in it: transactions have surged by nearly 40% to 218,000 in the past day, DappRadar data shows. And volume is up 248% in 24 hours, now touching $3.86 million in transactions.

Stars Arena, like Friend.tech, is a social token-driven platform. This means it allows users to create and monetize online communities.

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Author: Mathew Di Salvo

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