BiJie.com reported:
AVAX’s network activity declined in the second quarter, and its performance in the NFT ecosystem also declined. The price of AVAX has fallen more than 13% in the past seven days.
The second quarter of 2024 has ended, and performance reports of several coins including Avalanche [AVAX] have been released.
Coin98 Analytics recently tweeted, focusing on AVAX’s performance in various aspects in the previous quarter.
The report begins by mentioning that AVAX’s expenses and revenues in the second quarter totaled $3.5 million. Although this seems promising, it actually represents a 22% decrease compared to the second quarter of 2023.
Avalanche’s Performance in the Second Quarter
In the second quarter, the blockchain executed over 101 million transactions. Its daily active addresses exceeded 4,300, a 26% decrease compared to the same period last year. Similarly, its daily trading volume decreased by 30% year-on-year.
In the second quarter, Avalanche added over 2 million addresses and registered 21 million unique addresses, which is also lower than the second quarter of 2023.
Avalanche’s NFT ecosystem also experienced a significant decline. According to the latest report, over 520,000 NFTs were created last quarter, a 90% decrease compared to the second quarter of 2023.
However, the situation in the DeFi sector appears optimistic, with a value of $710 million, a 4% increase compared to the same period last year. Additionally, the blockchain’s development activity has remained fairly stable.
How is AVAX doing in the third quarter?
Avalanche’s performance in the second quarter did not see much growth. Therefore, AMBCrypto examined its current state to see if Q3 is also starting on a bad note.
Our analysis of Artemis data shows that AVAX’s daily active addresses sharply declined after a surge on July 6.
As a result, the daily trading volume of the blockchain also declined last week. Its fees and revenues also exhibited a similar downward trend.
AMBCrypto’s analysis of Santiment data shows that the blockchain’s development activity has declined in the past few days. Its NFT transaction volume also decreased after a significant surge on July 3.
These datasets indicate that, so far, AVAX’s third quarter does not seem promising.
Regardless of reality, here is the market value of AVAX in BTC
The price trend of AVAX remains bearish, falling more than 13% in the past seven days. As of writing this article, the trading price of Avalanche is $25.70, with a market value of over $10.12 billion.
If the economy continues to decline, AVAX may fall to $22.4. However, if the trend changes, AVAX can recover to $27 within a few days.
