Avalanche Q2 report – Fees down 22%, NFTs plunge 90%: Will AVAX’s Q3 be better?

  • AVAX’s network activity dropped in Q2, as did its performance in the NFT ecosystem. 
  • AVAX’s price declined by more than 13% in the last seven days. 

The second quarter of 2024 has come to an end, and reports have arrived regarding the performances of several coins, including Avalanche [AVAX].

Coin98 Analytics recently posted a tweet highlighting AVAX’s performance on multiple fronts in the last quarter.

Right off the bat, the report mentioned that AVAX’s fees and revenue in Q2 reached a total of $3.5 million. Though this looked promising, it was actually a 22% drop compared to Q2 2023.

Avalanche’s performance in Q2

In Q2, the blockchain executed more than 101 million transactions. It had over 43k daily active addresses, which was a 26% year-on-year drop. Similarly, its daily transactions registered a 30% YoY drop.

In Q2, Avalanche onboarded more than 2 million new addresses and registered 21 million unique addresses, which were also less than Q2 2023.

Avalanche’s NFT ecosystem also witnessed a massive decline. As per the latest report, a total of over 520k NFTs were created last quarter, which was a 90% decrease compared to Q2 2023.

Things in the DeFi space, however, looked optimistic as the value touched $0.71 billion, a 4% increase YoY. Moreover, the blockchain’s development activity also remained pretty stable. 

What about AVAX’s Q3?

Avalanche’s Q2 didn’t witness growth in the majority of the sectors. Therefore, AMBCrypto checked its current state to see whether Q3 also began on a bad note.

Our analysis of Artemis’ data shows that AVAX’s Daily Active Addresses dropped sharply after spiking on the 6th of July.

As a result, the blockchain’s Daily Transactions also dropped last week. Its fees and revenue also followed a similar declining trend.

Avalanche's daily active addresses dropped

Source: Artemis

AMBCrypto’s analysis of Santiment’s data revealed that the blockchain’s Development Activity dropped in the last few days. Its total NFT trade counts also went down after a massive spike on the 3rd of July.

These datasets suggested that, as of now, AVAX’s Q3 also didn’t look very promising. 

AVAX's development activity droppedAVAX's development activity dropped

Source: Santiment

Realistic or not, here’s AVAX market cap in BTC’s terms 

AVAX’s price action also remained bearish, as it dropped by more than 13% in the last seven days. At the time of writing, Avalanche was trading at $25.70 with a market capitalization of over $10.12 billion.

If the downturn continues, then AVAX might drop to $22.4. However, if the trend changes, AVAX can reclaim $27 in just a few days. 

Screenshot 2024 07 08 at 12.36.29 PMScreenshot 2024 07 08 at 12.36.29 PM

Source: Hyblock Capital

Next: Africa leads in Solana adoption as transactions hit $117b: Here’s why

Source link

About The Author

Scroll to Top