avalanche’s AVAX Token Sees Positive Momentum
Avalanche’s AVAX token has been on a positive streak,rising for two straight days. Investors are snapping up the recent dip, pushing the price to $20.65 on June 7. This marks a 12% increase from its weekly low.
Third-party data reveals that Avalanche’s network is thriving. its now the fastest-growing network in the crypto space.Nansen reports that the platform processed over 5.2 million transactions in the past week, a 112% surge from the previous week. This growth reflects a surge in user activity.The number of active addresses climbed by 23% to 283,163. The network’s fees also spiked by 193% to nearly $200,000. The surge in transactions and user engagement is a positive sign. The network handled more than 5.2 million transactions, up from the previous week. This growth is remarkable, showing strong user engagement.
Over the past month, Avalanche’s transaction count has skyrocketed by 326%, with active addresses increasing by 312% to 2.05 million. This growth is a testament to the network’s expanding user base and increasing adoption.
Avalanche’s stablecoin network is also showing signs of recovery. The market cap of stablecoins on the platform has reached $2.1 billion, the highest since February 19. This is a critically important jump from $1.46 billion in January. Decentralized exchanges on Avalanche have seen high trading volumes recently, with over $131 million in the last 24 hours.
Avalanche’s partnership with FIFA is another major milestone. The global football organization will use Avalanche’s network for its NFT sales.This collaboration coudl significantly boost Avalanche’s NFT market, which has seen a decline in recent years.
However, despite these positive developments, the AVAX price remains below key moving averages. Technical analysis suggests a potential bearish breakdown,with the next target price at $15,a 27% drop from current levels. Investors should monitor these trends closely.
