AVAX Users Surge 221% as NFT Trades Dominate
Key Takeaways
- Usage of the Avalanche blockchain (AVAX) increased by 221% within 24 hours.
- 89.94% of transactions were linked to the NFT marketplace OpenSea.
- Despite high on-chain activity, liquidity is declining: TVL dropped by USD 50 million.
- DEX trading volume fell from USD 216.5 million to USD 130.3 million.
- The AVAX price is currently USD 23.66 – a decrease of 1.13%.
Strong Surge in Avalanche Usage
In the past 24 hours, the Avalanche network has seen a significant increase in activity. According to data analytics platform Nansen, the number of active addresses rose by 221%. The number of transactions also increased by 109%, indicating that significantly more users have conducted AVAX transactions.
A large portion of these transactions – exactly 89.94% – were linked to OpenSea, one of the largest marketplaces for non-fungible tokens (NFTs). This highlights that NFTs are currently a driving force behind Avalanche’s usage. Over the past 30 days, the NFT sector has been the second strongest in the entire blockchain ecosystem, with 78.1% growth.
Rising Fee Revenue – A Sign of Network Congestion
Another indicator of increased activity is the development of transaction fees on the network. Generated fees rose from USD 19,500 on May 11 to USD 24,300 currently. This shows that the network is being actively used, which is generally a positive sign for price performance.
Liquidity Outflows Weigh on Price
Despite the positive on-chain metrics, AVAX is struggling with declining liquidity. According to DeFiLlama, the Total Value Locked (TVL) – the total value of assets locked in Avalanche protocols – fell by 3.26%. This corresponds to a drop from USD 1.519 billion to USD 1.469 billion. At the same time, around USD 50 million worth of AVAX tokens were sold.
Trading volume on decentralized exchanges (DEXs) also saw a sharp decline: from USD 216.5 million to USD 130.3 million. This indicates that despite high network activity, trading demand is falling – a warning sign for short-term price development.
Three Factors Will Determine Price Performance
Whether AVAX can hold or reclaim the USD 25 mark depends on several factors:
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- Sustainable Usage: Current activity must remain consistent, particularly in the NFT sector.
- Return of Liquidity: TVL needs to increase to restore confidence in the ecosystem.
- Growing Trading Volume: More activity on DEXs and centralized exchanges is necessary to generate buying pressure.
Our Assessment
Current data presents a mixed picture. On the one hand, usage of the Avalanche blockchain is rising significantly, especially through NFT applications. On the other hand, liquidity and trading volume are decreasing – two key factors for sustainable price growth.
If you are invested in AVAX or considering entering the market, you should closely monitor the development of TVL and trading volume. Strong on-chain activity is a positive signal, but it alone is not enough to support the price in the long term.
Avalanche is currently at a critical juncture. The coming days and weeks will show whether the network can convert positive usage into sustainable growth. A stable price above USD 25 is possible – but only if market structure follows suit.
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