- Avalanche’s active addresses and transactions have been on the rise for several weeks. How did this affect AVAX’s price?
Avalanche [AVAX] was able to maintain network activity last week, as its statistics stayed reasonably comparable to the end of October. Because of the positive market conditions, the token’s price increased by double digits.
Avalanche’s Network Activity Remains Stable
AVAX Daily, a prominent X (previously Twitter) handle that provides Avalanche ecosystem updates, recently tweeted about the Avalanche C-chain’s weekly network status.
According to the tweet, the blockchain reached a maximum transaction speed of 210 last week. Furthermore, Avalanche’s total gas usage in the last seven days hit 6.98 trillion.
🔺#Avalanche C-chain weekly on-chain status🔺
🔥Network Status
Transactions: 6.65M -0.93%
Max TPS Observed: 210 +1.43%
Gas Used: 6.98T +1.95%🔥Staking:
Staking ratio: 59.69%
Staking rewards: 7.84%
Total validators: 1,534
Total delegations: 86,214#AVAX $AVAX pic.twitter.com/kZno2x66At— AVAX Daily 🔺 (@AVAXDaily) November 9, 2023
Not only that, but when AMBCrypto examined Artemis’ data, it discovered that the blockchain’s daily active addresses have also increased in recent weeks. A similar upward trend was observed in terms of AVAX’s captured value, as evidenced by the increase in its fees and revenue.
A peek at AVAX’s stalker ecology is required while monitoring the network state. The AVAX Daily tweet also stated that AVAX’s staking ratio was 59.69% last week, while its staking rewards were 7.84%.
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According to Staking Rewards, at the time of writing, Avalanche has over 85,000 staking wallets and over 248 million AVAX tokens staked. The staking market capitalization of the blockchain was $3.3 billion.
A Look at AVAX’s State
The network statistics of the blockchain surely bode favorably for AVAX’s pricing. The token has gained more than 11% in the last seven days, according to Coinstats. It was trading at $13.39 as of press time, with a market valuation of more than $4.7 billion.
According to AMBCrypto’s data, AVAX’s liquidation surged significantly over the last week, when the token’s price reached $13.2. However, this did not prevent prices from climbing in the following days.
AMBCrypto discovered that AVAX’s development activity has grown in the recent week, reflecting developers’ attempts to improve the network. The token’s Price Volatility 1w and Social Volume remained strong as a result of the price increase.
As seen by its green Binance Funding Rate, AVAX’s demand in the futures market remained robust at the time of writing.
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