- DEX volumes on Avalanche surged.
- AVAX faced a correction as sentiment began to decline.
As the crypto sector begins to see growth again, many network ecosystems have been vying for users’ attention. Avalanche [AVAX] has managed to be one of the protocols that has been able to attract multiple users to its network.
Making moves in the DeFi sector
Avalanche was able to attract users to its DeFi protocols in particular. According to Artemis’ data derived by AMBCrypto, DEX volumes went over $1 billion in the last week.
Notably, C-Chain transactions hit $505K in just one day. This indicated active and growing usage on the Avalanche network.
Recent developments across @avax are being reflected in on-chain metrics, with DEX volumes surpassing $1 billion in the past week.
What's particularly interesting is that C-Chain transactions reached $505K in just one day (Saturday, November 18). pic.twitter.com/GaIefUGNdG
— Artemis (@artemis__xyz) November 20, 2023
Increased DEX volumes mean that more people are using Avalanche for trading. This is good for the protocol, because higher usage often leads to more attention, making Avalanche more popular and valuable over time.
Price gets affected
The price of AVAX has also grown over the last few weeks, resulting in many higher highs and higher lows, creating a bullish trend. However, despite the bullish trend, the token’s price fell by 3.24% in the last 24 hours.
Avalanche faced difficulties on the social front as well. Remarkably, the Weighted Sentiment around AVAX fell in large quantities over the last few days. This meant that the negative comments on social media outnumbered positive ones during this time frame.
The social volume around AVAX fell as well.
Read Avalanche’s [AVAX] Price Prediction 2023-24
The lack of interest in AVAX in the social sectors could affect the token negatively as things move forward. However, the rising development activity on the network could prove to be useful.
As more developers contribute to Avalanche, the possibility of improvements on the network grows.
Source: Santiment
