On-chain data shows that the Avalanche network has recently experienced a surge in activity, with daily transactions increasing by more than 275%.
Daily Number Of Transactions For Avalanche Has Shot Up
According to data from the institutional DeFi solutions provider Sentora (previously IntoTheBlock), the Number of Transactions is significantly up for Avalanche compared to early May. The “Number of Transactions” here is an on-chain indicator that measures, as its name suggests, the total number of transfers that are occurring on a given cryptocurrency network every day.
Below is the chart shared by Sentora that shows the trend in this indicator for Avalanche over the past year.
The value of the metric recently appears to have registered a sharp uptick for the asset | Source: IntoTheBlock on X
From the graph, it’s visible that the Number of Transactions stayed around a consistent level during the past year, until May arrived. That month saw some rapid growth in the metric, although the increase in network activity couldn’t last. By the end of the month, the indicator had returned to the same familiar muted levels as before.
In this new month of June, however, the indicator has again observed an uptick and has already surpassed the May peak. The surge has been so strong that the network is now averaging 759,000 daily transactions, which is more than 275% up compared to early May.
Generally, an uptick in chain activity can be a sign that investors are paying more attention to the cryptocurrency. The increased moves from the holders can feed into price volatility, so the asset can see increased action when this trend develops. It now remains to be seen whether something similar would happen with Avalanche or not.
In some other news, AVAX currently ranks second by Development Activity among Real World Assets (RWAs), as the analytics firm Santiment has revealed in an X post.
The “Development Activity” refers to a metric that tells us about the total amount of work that the developers of a given cryptocurrency project are putting into its official GitHub repository.
The indicator gauges the work done in terms of ‘events,’ where each event corresponds to some action on the repository like pushing a commit or creating a fork.
Here is how the RWAs in the sector have compared against each other in terms of their Development Activity over the past month:
Looks like the top nine assets have all retained their position from last month | Source: Santiment on X
As displayed in the above table, Avalanche has recorded a 30-day Development Activity of 191.07, which puts it larger than all of these assets, except for Chainlink (LINK), which has seen an impressive value of 449.2.
AVAX Price
At the time of writing, Avalanche is floating around $22.4, up almost 7% in the past week.
The price of the coin seems to have been enjoying an uptrend | Source: AVAXUSDT on TradingView
Featured image from iStock.com, IntoTheBlock.com, Santiment.net, chart from TradingView.com
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