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Home»ALTCOIN NEWS»Will Avalanche’s ecosystem growth help AVAX’s price?
ALTCOIN NEWS

Will Avalanche’s ecosystem growth help AVAX’s price?

By Crypto FlexsFebruary 23, 20242 Mins Read
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Will Avalanche’s ecosystem growth help AVAX’s price?
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Posted on: February 23, 2024


  • Avalanche’s ecosystem has experienced tremendous growth recently.
  • Despite the ecosystem growth, the price of AVAX has fallen, resulting in lower lows and lower highs.

Avalanche (AVAX) has seen tremendous growth over the past few months in terms of its ecosystem.

sudden surge in activity

In the fourth quarter of 2023, the network saw a notable surge in on-chain activity, recording 6.4 million transactions on November 22 and 6.3 million on December 19.

The first surge was initiated by ASC-20 and the second surge was driven by increased activity related to meme coins. This surge led to continued growth, with new users outpacing active users by 17.7% at press time.

In terms of on-chain activity, total daily transaction volume in January increased 36.4% compared to October (19.2 million vs. 14.1 million).

This growth has become increasingly distributed across new subnets and projects, with more than 249,400 new contracts deployed between Q4 2023 and February 2, hosting a total of 75.3 million subnet transactions.

Source: Artemis

A look at the state of DeFi

The Avalanche’s Total Value Locked (TVL) began rising early in the fourth quarter of 2023, peaking at $1.53 billion on December 21 and consistently staying above $1 billion since then.

This TVL increase has been driven by major protocols such as Benqi, Aave, Struct, and Delta Prime. In particular, Benqi Finance accounted for more than 40% of the network’s TVL as of December 21.

Trader Joe’s continues to dominate the Avalanche’s DeFi scene, attracting more trading volume than all of its competitors combined.

Although Avalanche’s overall DeFi activity has gradually declined since late 2023, the network’s daily real world assets (RWA) market capitalization has increased by 44.7% between October 2023 and February 2024.

Source: Artemis

How is AVAX doing?

Despite these factors, the price of AVAX has fallen significantly over the past few days. During this period, prices made lower lows and lower highs. However, no clear trend has been established.


Is your portfolio green? Check out the AVAX Profit Calculator


At press time, AVAX was trading at $37.98. If the price falls further, the token may soon reach the $27.29 support level.

Conversely, if AVAX’s price rises, the resistance level of $43.52 may be weakened and may even be surpassed.

Source: Trading View

Next: Polygon unlocks $263 million worth of MATIC in circulation.

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