Dokyo collection ignites Avalanche – NFT sales skyrocket to yearly highs

• Avalanche NFT volume reached $7 million in November.
• Transaction numbers spiked to the highest in over a year.

Avalanche’s NFT sales volume recently experienced a notable increase, reaching the highest point observed this year. This surge in NFT volume correspondingly led to a significant rise in the transaction volume on the Avalanche blockchain.

Dokyo spikes to over $1 million volume

In a post on 24th November, an NFT collection on the Avalanche platform achieved the highest sales volume within 24 hours.

The collection, named Dokyo, recorded a volume exceeding $1.4 million, signaling a growth rate of over 47%. This surge propelled the Avalanche network into the top five chains with the most significant NFT sales.

At the time of writing, the Dokyo collection held the fourth-highest volume, standing at over $990,000, according to Crypto Slam.

Avalanche records months-high NFT sales volume

Based on the analysis of the Avalanche NFT volume trend on Crypto Slam, it was observed that the volume reached its peak on 24th November. The spike marked the highest point in over three months.

Further examination of the chart revealed that November exhibited a greater NFT volume than other months. The total NFT volume for the month has surpassed $7 million.

However, it’s noteworthy that the chart indicated a decline, with the current volume around $33,000 as of the latest update.

Avalanche transactions doing numbers

An examination of the Avalanche transaction trend on DefiLlama indicated that the recent increase in NFT volume did not influence the transaction activity.

Nevertheless, the chart revealed a notable surge in network transactions. Consecutive spikes were noted from 19th November, peaking at over 6 million transactions on 22nd November. 

Remarkably, these surges marked the first occurrence in over a year. As of the latest update, the transaction count stands at around 193,000.

How much are 1,10,100 AVAXs worth today

AVAX loses little steam

An analysis of the daily timeframe chart for Avalanche revealed a slight downturn in its value. As of this writing, AVAX was trading around $20.7, reflecting a decrease of less than 1%.

Notably, despite these declines, the price remains near the oversold zone. The Relative Strength Index (RSI) was above 65 as of the latest data, indicating a certain level of strength in the market.

Source: TradingView