Nfts
Avalanche Q2 Report – Fees Down 22%, NFTs Plunge 90%: Will AVAX’s Q3 Be Better?
- AVAX’s network activity declined in the second quarter, as did its performance in the NFT ecosystem.
- The price of AVAX has dropped by more than 13% in the last seven days.
The second quarter of 2024 has ended and reports have come in regarding the performance of several coins including avalanche [AVAX].
Coin98 Analytics recently released a tweet highlighting AVAX’s performance on several fronts during the last quarter.
Right off the bat, the report mentioned that AVAX’s second-quarter expenses and revenue totaled $3.5 million. While that sounds promising, it’s actually a 22% decline from Q2 2023.
Avalanche’s Q2 performance
In the second quarter, the blockchain executed over 101 million transactions. It had over 43,000 active addresses per day, which is a 26% decrease from the previous year. Similarly, its daily transactions saw a 30% decrease from the previous year.
In the second quarter, Avalanche onboarded over 2 million new addresses and recorded 21 million unique addresses, which is also lower than in the second quarter of 2023.
Avalanche’s NFT ecosystem has also seen a massive decline. According to the latest report, a total of over 520,000 NFTs were created in the last quarter, which is a 90% decrease from Q2 2023.
Things in the DeFi space, however, look optimistic, with the value reaching $0.71 billion, a 4% increase year-on-year. Additionally, blockchain development activity has also remained fairly stable.
What about AVAX’s third quarter?
Avalanche’s second quarter was not marked by growth across most sectors. Therefore, AMBCrypto checked its current status to see if the third quarter has also started on a bad note.
Our analysis of Artemis data shows that AVAX’s daily active addresses have fallen sharply since peaking on July 6.
As a result, the blockchain’s daily transactions also fell last week. Its fees and revenue also followed a similar downward trend.
Source: Artemis
AMBCrypto’s analysis of Santiment data revealed that blockchain development activity has plummeted in recent days. The total number of NFT trades has also declined after a massive spike on July 3.
These data sets suggest that, so far, AVAX’s third quarter doesn’t look very promising either.
Source: Santiment
Realistic or not, here it is AVAX Market Cap in BTC
AVAX price action has also remained bearish, as it has fallen by over 13% over the past seven days. At the time of writing, Avalanche was trade at $25.70 with a market capitalization of over $10.12 billion.
If the decline continues, AVAX could drop to $22.4. However, if the trend changes, AVAX can recover to $27 in just a few days.
Source: Hyblock Capital