2024-04-20 02:06:50
- AVAX trading volumes increased on the Mux protocol
- General interest in Avalanche NFTs also grew
After reaching new highs in March, the price of avalanche [AVAX] has decreased significantly in recent weeks.
Increasing volume
However, recent activity on decentralized exchanges (DEX) such as the Mux protocol has inspired optimism among traders. There appears to be renewed trading interest in the altcoin, which could be seen as a potential sign that the market could be approaching a turnaround. The growing trading volume of tokens such as Avalanche’s AVAX has been one of the main reasons behind such optimism. Apart from the same, AVAX even managed to rank in the top 10 by volume.
In addition, declining funding rates for AVAX futures contracts suggest a shift in sentiment, and investors may move away from short-term bets and hold altcoins for longer periods.
The state of the Avalanche ecosystem will also greatly affect the price of AVAX in the future. AMBCrypto’s analysis of Artemis data revealed that the number of daily active addresses on the Avalanche network dropped significantly. In addition, the number of daily transactions on the network also fell.
The lack of network activity can significantly hinder AVAX’s growth potential.
Although Avalanche’s DeFi sector has not performed well, interest in Avalanche NFTs was seen to grow significantly. NFT collections such as Dreamheads and Lofi Leopards also attracted considerable attention during this period.
Realistically, here it is AVAX market value in terms of BTC
This increase in interest in Avalanche NFTs could help the ecosystem attract more users and also improve sentiment towards AVAX.
Looking at the data
At the time of writing, AVAX was trading at $35.52, up 1.66% in the last 24 hours. Consequently, AVAX’s trading volume also increased by 6.74% during this period.
However, it was not so positive on the development activity front. AMBCrypto’s examination of Santiment data showed that development activity around Avalanche dropped significantly. This indicated that the number of code commits made to Avalanche’s GitHub decreased.
A discovery like this could have a negative impact on the Avalanche ecosystem. It may also lead to a decrease in new updates and improvements to the network.
This is an automatic translation of our English version.
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