• Avalanche had a successful week with growth in several metrics such as active addresses, market capitalization and transaction count.
• The coin’s Total Value Locked (TVL) metric went up by nearly 5% and its NFT ecosystem grew with the highest number of sales for Crabada.
• Avalanche’s price increased by 15% last week, however, its new monthly users declined in February.
Avalanche Records Uptick in Several Metrics
The past seven days were comfortable for Avalanche with growth across several aspects. As per AVAX Daily’s weekly highlights of the Avalanche ecosystem, AVAX’s daily active addresses increased by double digits last week, which indicated more activity on the network. Its market capitalization and transaction count also registered an uptick during this period. Additionally, the coin’s Total Value Locked (TVL) metric went up by nearly 5%.
Avalanche’s NFT Ecosystem Impacted Positively
AVAX’s performance in the Non-Fungible Token (NFT) space was also positive as Crabada dominated with the highest number of sales followed by OG ODIN and OG THOR. Santiment’s chart revealed that the overall NFT ecosystem grew as AVAX’s total NFT trade counts and trade volume in USD both spiked upwards.
Avalanche Performance on Social Front
On the social front too, Avalanche had a good showing with its mentions and social dominance rising over 30%. Influential projects like MUA_MUADAO and Glitterfinance remained active while influencers like luigidemeo and LibraryDefi gained traction during this time period.
Price Indicators Remain Bullish
Overall bullishness was observed in terms of prices as well; CoinMarketCap data showed that AVAX’s price increased by 15% last week while Binance funding rate remained towards the upper side indicating strong demand from derivatives market. Additionally, 1-week price volatility rose after a brief dip which kept investors sentiment positive.
Decline Observed In New Monthly Users
Despite all these positive developments, Dune’s data revealed that new monthly users registered a decline this February indicating lesser interest from new investors compared to previous weeks/months.