Will AVAX Price Get A Lift From Avalanche NFTs? Let’s Examine The Metrics

Christian Encila

2 years ago

3 mins read

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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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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