Journalist
Posted:
- DEX volumes on Avalanche soared.
- AVAX suffered a correction as sentiment started to decline.
As the crypto sector begins to grow again, many network ecosystems are competing for users’ attention. Avalanche [AVAX] has managed to be one of the protocols that has managed to attract multiple users to its network.
Making moves in the DeFi sector
Avalanche in particular managed to attract users to its DeFi protocols. According to Artemis data obtained by AMBCrypto, DEX volumes exceeded $1 billion last week.
Notably, C-Chain transactions reached $505,000 in just one day. This indicated active and growing usage on the Avalanche network.
Recent developments about @avax are reflected in the on-chain metrics, with DEX volumes surpassing $1 billion in the past week.
What’s especially interesting is that C-Chain transactions reached $505,000 in just one day (Saturday, November 18). pic.twitter.com/GaIefUGNdG
— Artemis (@artemis__xyz) November 20, 2023
Increased DEX volumes mean more people are using Avalanche to trade. This is good for the protocol, as higher usage often leads to more attention, making Avalanche more popular and valuable over time.
The price is affected
The price of AVAX has also been growing in recent weeks, resulting in much higher highs and higher lows, creating a bullish trend. However, despite the bullish trend, the token’s price has fallen by 3.24% over the past 24 hours.
Avalanche also had problems on a social level. Remarkably, weighted sentiment around AVAX has fallen in droves in recent days. This meant that there were more negative comments on social media than positive ones during this period.
The social volume around AVAX also decreased.
Read Avalanche of [AVAX] Price prediction 2023-24
The lack of interest in AVAX in the social sectors could negatively impact the token as things develop further. However, increasing development activity on the network could be helpful.
As more developers contribute to Avalanche, the possibility of improvements to the network grows.
Source: Santiment