Data on the chain suggests that the Avalanche Network has experienced a surge in activity recently, with daily transactions increasing by more than 275%.
The number of daily transactions in the avalanche has exploded
According to data from institutional DEFI solutions provider Sentora (formerly Intotheblock), the number of transactions in avalanches increased significantly compared to early May. The “number of transactions” here is an on-chain indicator that, as the name implies, measures the total number of transfers occurring on a given cryptocurrency network every day.
Below is a chart shared by Sentora that shows the trends in the avalanche indicators over the past year.
The value of the metric recently appears to have registered a sharp uptick for the asset | Source: IntoTheBlock on X
As can be seen from the chart, the number of transactions has remained at a consistent level until May. That month, the metric had a rapid growth, although the increase in network activity could not be sustained. By the end of this month, the metric returned to the same familiar static level as before.
However, during this new moon in June, the indicator once again observed a rising rate and had exceeded its May peak. The surge was so strong that the network averaged 759,000 daily transactions, which saw the network grow by more than 275% compared to early May.
Often, the rise in chain activity may indicate that investors are paying more attention to cryptocurrencies. Movements increased from holders may cause price fluctuations, so when this trend develops, assets can see actions increase. Now, it remains to be seen whether something similar will happen to the avalanche.
In some other news, Avax is currently ranked second in Real World Assets (RWAS), as analytics firm Santiment revealed in X’s post.
“Development Activity” refers to a metric that tells us that the developer of a given cryptocurrency project is putting its official GitHub repository into use.
Metrics measure the work done by “events”, where each event corresponds to certain actions in the repository, such as pushing a commit or creating a fork.
Here is how RWAs in the industry have compared each other over the past month:
Looks like the top nine assets have all retained their position from last month | Source: Santiment on X
As shown in the table above, the avalanche recorded 30 days of development activity at 191.07, which makes it larger than all of these assets, except Chainlink (Link), which has an impressive value of 449.2.
avax price
At the time of writing, the avalanche rose by about $22.4, up nearly 7% over the past week.
The price of the coin seems to have been enjoying an uptrend | Source: AVAXUSDT on TradingView
Featured images from istock.com, intotheblock.com, santiment.net, charts from tradingview.com
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