- AVAX’s network activity declined in the second quarter, as did performance in the NFT ecosystem.
- AVAX’s share price has fallen by more than 13% in the past seven days.
The second quarter of 2024 has come to an end and reports have come in on the performance of several coins, including Avalanche [AVAX].
Coin98 Analytics recently released a tweet highlighting AVAX’s performance on several fronts in the past quarter.
The report immediately noted that AVAX’s fees and revenues totaled $3.5 million in the second quarter. While this looked promising, it was actually a 22% decline compared to Q2 2023.
Avalanche’s second quarter performance
In the second quarter, the blockchain performed more than 101 million transactions. It had more than 43,000 daily active addresses, which was a 26% year-over-year decline. Similarly, daily transactions recorded a 30% year-on-year decline.
In the second quarter, Avalanche hired more than 2 million new addresses and registered 21 million unique addresses, which was also less than in the second quarter of 2023.
Avalanche’s NFT ecosystem also witnessed a massive decline. According to the latest report, a total of over 520,000 NFTs were created last quarter, which was a 90% decrease compared to the second quarter of 2023.
However, things in the DeFi space looked optimistic as the value reached $0.71 billion, up 4% year-on-year. Moreover, blockchain development activity also remained quite stable.
What about AVAX’s third quarter?
Avalanche’s second quarter showed no growth in most sectors. Therefore, AMBCrypto checked the current state to see if the third quarter also started poorly.
Our analysis of Artemis data shows that AVAX’s daily active addresses fell sharply after peaking on July 6.
As a result, the blockchain’s daily transactions also fell last week. Compensation and revenue also followed a similar downward trend.
Source: Artemis
AMBCrypto’s analysis of Santiment’s data revealed that blockchain development activity has declined in recent days. Total NFT trading numbers also fell after a huge spike on July 3.
These data sets suggested that AVAX’s third quarter wasn’t looking very promising at this point either.
Source: Santiment
Realistic or not, here it is AVAX market cap in terms of BTC
AVAX’s price action also remained bearish as it fell more than 13% over the past seven days. At the time of writing, Avalanche was trade at $25.70 with a market cap of over $10.12 billion.
If the downturn continues, AVAX could fall to $22.4. However, if the trend changes, AVAX can recover $27 in a few days.
Source: Hyblock Capital
