• The Avalanche protocol recently reached an all-time high in terms of active users, despite a decline in AVAX prices.
• This surge in activity is attributed to its growing ecosystem, with popular dApps such as Stargate, 1inch Finance and Trader Joe seeing a spike in unique active addresses.
• Interest in NFTs also played a role in the surge, with popular collections such as Roostr and Lofi Leopards registering an uptick of 260% and 1217%, respectively.
Altcoin Avalanche Reaches All-Time High
The Avalanche protocol recently experienced remarkable growth even as prices fell, reaching an all-time high in active users. Despite the SEC’s lawsuit against Coinbase and Binance causing a bearish frenzy among altcoins, Avalanche managed to reach its highest level of monthly active users at 1 million – representing a 382% increase.
Data from Dapp Radar shows that many dApps on the protocol experienced a notable spike in unique active addresses. Trader Joe, one of the most popular dApps on the platform saw an impressive 45.8% increase when it came to transactions over the last month.
NFT interest was also instrumental for Avalanche’s growth over this period according to AVAXNFTSTATS’ data. Popular collections such as Roostr and Lofi Leopards registered an uptick of 260% and 1217%, respectively, indicating that NFTs had made their contribution towards this surge in activity on Avalanche’s protocols.
Despite this significant rise in activity across various metrics, AVAX token prices have declined significantly over the past month – trading at $11.26 at press time – along with a decrease in volume for AVAX tokens as well due to ongoing litigation between SEC and Coinbase/Binance exchanges .
Avalanche has seen remarkable growth even while other altcoins have taken major hits due to FUD caused by SEC litigation against major exchanges like Coinbase and Binance, reaching an all-time high level of active users across its platform thanks to increased development activity and NFT interest within their ecosystem which has resulted into impressive increases for some of its dApps such as Trader Joeand NFT collection like Roostr & Lofi Leopards . Despite these developments however ,the price decline for AVAX token persists due to the ongoing legal proceedings