Avalanche exhibits high network growth – Can it boost AVAX?
- Volumes on the Avalanche network grew, driven by DEXes.
- The price of AVAX surged, however, sentiment declined.
Avalanche [AVAX] has been one of the altcoins that has seen the biggest surge in price. Moreover, the network also witnessed massive growth.
Turning up the volume
This was indicated by the rising volumes on the Avalanche network. According to DefiLlama’s data, the volume on Avalanche grew from 79.38 million to 218 million in the span of a few weeks.
This showed that activity on the protocol had been growing. The dApps on the Avalanche ecosystem were also attracting a large number of users.
Source; Defi Llama
DEXes take the lead
More specifically, dApps in the DeFi sector performed really well. This was showcased by the rising TVL being collected on the Avalanche network. Coupled with that, the DEX volumes on the network also increased.
Avalanche’s significant growth in TVL and DEX volumes indicates a robust adoption of the protocol. The increased TVL means a larger value of assets is being actively utilized on the Avalanche network, reflecting a strong user base and increased activity.
Higher DEX volumes imply a greater number of transactions and trading activities taking place on the network, showcasing its liquidity and attractiveness for users.
Read Avalanche’s [AVAX] Price Prediction 2023-24
Source: Artemis
Coming to the AVAX token, it was trading at $22.11 and its price had grown by 1.69% in the last 24 hours.
AVAX’s social volume spiked as well. However, sentiment around AVAX was declining. This could impact the overall growth of the token in the future.
Source: Santiment
