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- Avalanche C-chain’s weekly transactions have changed only marginally over the past week.
- AVAX’s on-chain metrics were robust and demand for the token in the futures market was high.
Avalanche [AVAX] managed to maintain its network activity last week, as metrics remained somewhat similar to late October figures. These bullish market conditions caused the token’s price to rise by double digits.
Avalanche’s network activity remains stable
AVAX Daily, a popular X (formerly Twitter) handle that posts updates related to the Avalanche ecosystem, recently posted a tweet highlighting Avalanche C-chain’s weekly network status.
According to the tweet, the blockchain observed a maximum transaction rate of 210 last week. Moreover, Avalanche’s total gas consumption reached 6.98 trillion in the past seven days.
🔺#Avalanche C-chain weekly on-chain status🔺
🔥Network status
Transactions: 6.65 million -0.93%
Maximum observed TPS: 210 +1.43%
Gas consumption: 6.98T +1.95%🔥Switch off:
Betting Rate: 59.69%
Wagering Rewards: 7.84%
Total validators: 1,534
Total delegations: 86,214#AVAX $AVAX pic.twitter.com/kZno2x66At— AVAX Daily 🔺 (@AVAXDaily) November 9, 2023
Not only that, but when AMBCrypto Artemis’ facts, it was revealed that the blockchain’s daily active addresses have also skyrocketed in recent weeks. A similar increasing trend was also observed in terms of AVAX‘s captured value, as evidenced by the increase in fees and revenues.
Source: Artemis
When checking AVAX’s network status, a look at the stalking ecosystem is a must. The AVAX Daily tweet also stated that AVAX’s staking ratio last week was 59.69%, while staking rewards were 7.84%.
According to Staking Rewards, at the time of writing, Avalanche had a total of over 85,000 staking wallets and a total of over 248 million AVAX tokens deployed. The blockchain had a market capitalization of $3.3 billion.
Source: Staking Rewards
A look at the state of AVAX
The blockchain’s network metrics certainly bode well for AVAX’s price. According to CoinMarketCap, the token is up over 11% over the past seven days. It was trading at $13.39 at the time of writing, with a market cap of over $4.7 billion.
AMBCrypto’s analysis showed that AVAX liquidation increased significantly over the past week, as the token’s price reached the $13.2 mark. However, this did not stop prices from rising in the coming days.
Source: Hyblock Capital
Read Avalanche of [AVAX] Price prediction 2023-24
Upon further inspection, AMBCrypto discovered that AVAX‘s development activity has increased over the past week, reflecting developers’ efforts to improve the network. Thanks to the price increase, both the price volatility 1w and the social volume of the token remained high.
AVAX’s demand in the derivatives market also remained high at the time of writing, as evidenced by the green Binance Funding Rate.
Source: Santiment