2024

Avalanche

<ul> 
 <li><em>Avalanche’s NFT sector experienced robust growth of late.</em></li> 
 <li data-pm-slice="1 1 []"><em>However, the ecosystem faced challenges in the DeFi sector.</em></li> 
</ul> 
<p>Active addresses on the Avalanche NFT network experienced significant growth as per a tweet by Emperor Osmo on the 7th of January, indicating a heightened engagement with the platform.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Active Addresses for the NFT sector on <a href="https://twitter.com/avax?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">@avax</a> over the past month.</p> 
 <p>Probably something. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f53a.png" alt="🔺" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/tInPZwBafk" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/tInPZwBafk</a></p> 
 <p>— Emperor Osmo<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9ea.png" alt="🧪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Flowslikeosmo) <a href="https://twitter.com/Flowslikeosmo/status/1744071445058294100?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">January 7, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The rise in NFT popularity on Avalanche can attributed to the success of blue-chip collections like Dreamheadz and Dokyoworld, which have seen a substantial increase in interest.</p> 
<p>This surge in NFT activity has the potential to positively impact the overall health of the Avalanche network, fostering a vibrant ecosystem.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">yesterday was a huge day for AVAX NFTs thanks to <a href="https://twitter.com/HyperspaceAvax?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">@HyperspaceAvax</a> </p> 
 <p>my favorite part?</p> 
 <p>the steady inflow of new buyers for bluechip collections like <a href="https://twitter.com/dokyoworld?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">@dokyoworld</a> <a href="https://t.co/QCcHveGKNR" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/QCcHveGKNR</a></p> 
 <p>— d0bby (@dawbyinz) <a href="https://twitter.com/dawbyinz/status/1743701572326928792?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">January 6, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h4>DeFi sector faced challenges</h4> 
<p>However, despite the flourishing NFT sector, certain aspects of the Avalanche network, particularly in the DeFi space, faced challenges.</p> 
<p>Notably, Total Value Locked (TVL) and decentralized exchange (DEX) volumes on the network experienced a massive decline in recent weeks.</p> 
<p>This dip raised concerns about the protocol’s resilience and highlighted potential negative implications for Avalanche.</p> 
<div id="attachment_362592" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-362592" decoding="async" class="size-full wp-image-362592" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM.png" alt="" width="2490" height="952" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM.png 2490w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM-300x115.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM-1024x392.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM-768x294.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM-1536x587.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-12.07.35 PM-2048x783.png 2048w" sizes="(max-width: 2490px) 100vw, 2490px"></a>
 <p id="caption-attachment-362592" class="wp-caption-text">Source: Artemis</p>
</div> 
<p>Amidst these challenges, Trader Joe, a prominent DEX operating on the Avalanche network, showed growth.</p> 
<p>With a 13.7% increase in activity and a staggering 134.6% surge in revenue over the past month, Trader Joe’s performance stood out as a positive indicator for Avalanche.</p> 
<p>Only time will tell whether Trader Joe will be able to propel DEX volumes on the network in a positive direction.</p> 
<h4>Bears rejoice</h4> 
<p>In terms of the AVAX token, a notable development is the burning of 2 million AVAX in 2023, marking a doubling of the previous total within a year.</p> 
<p>This burning mechanism has implications for the token’s scarcity and may impact its value over time.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">2 million <a href="https://twitter.com/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$AVAX</a> were burned in 2023 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"></p> 
 <p>Doubling the previous total in 1 year.<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f53a.png" alt="🔺" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/6jwpObYrrZ" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">https://t.co/6jwpObYrrZ</a> <a href="https://t.co/HdoFsmptTi" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">https://t.co/HdoFsmptTi</a> <a href="https://t.co/6yMNykiOee" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/6yMNykiOee</a></p> 
 <p>— J.crv<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f53a.png" alt="🔺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Jcrv__) <a href="https://twitter.com/Jcrv__/status/1743319377045336469?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">January 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>  
<p style="text-align: center;">Read&nbsp;<a href="https://ambcrypto.com/predictions/avalanche-2-price-prediction" target="_blank" rel="noopener" data-wpel-link="internal">Avalanche’s [AVAX] Price Prediction</a>&nbsp;2023-24</p>  
<p>However, despite positive indicators in the NFT sector and DEX growth, AVAX’s native token experienced a significant setback. The token’s price plummeted by 8.71% in the last 24 hours, accompanied by a considerable decrease in trading volume.</p> 
<p>This market movement suggested challenges for AVAX in the short term.</p> 
<div id="attachment_362593" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-362593" decoding="async" class="size-full wp-image-362593" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Avalanche-AVAX-12.10.26-08-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-362593" class="wp-caption-text">Source: Santiment</p>
</div>

Will Avalanche NFTs help AVAX see green?

AMBCrypto

Other articles published on Jan 8, 2024

Binance’s problems pile on as BUSD loses market cap

Bitcoin Payments to Be Valid At Japanese E-commerce Giant Mercari Very Soon

Bitconned: The story of Miami crypto bros facing 100 years in prison

Demands for Stricter Metaverse Laws Amid Virtual Reality Incidents

PayPal USD (PYUSD) Stablecoin Eyes Integration on Aave Protocol

What Caused Over $200M Worth of Liquidations in Last 24 Hours

Join our free newsletter for daily crypto updates!