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Can Avalanche reaching ATH in monthly transactions do some good for ailing AVAX

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Avalanche [AVAX] has reached another milestone recently despite the drawdown from Jerome Powell. Ava Labs executive Patrick Sutton confirmed that Avalanche has reached an all-time high in monthly transactions. In his tweet, Sutton confirmed that Avalanche completed 32.7 million transactions in August with seven days to spare.

Source: Patrick Sutton/ Twitter

A day later, the transactions had ramped up to 33.2 million as confirmed by Avaxholic. In just three months in 2022, monthly transactions achieved two new all-time highs. That shows the outstanding development of Avalanche in recent times despite market conditions.

Avalanche goes on a roll!

Avaxholic also posted a tweet showing the growth of Avalanche since the June bottoms. The update shows that Avalanche has shown the biggest growth of transactions on EVM blockchains. At 18.8% Avalanche leads the way among these blockchains with Fantom the closest at 12.6%.

Source: Avaxholic

Data also confirms other ATHs for Avalanche throughout August with days to spare. Activity has been ramping up on Avalanche which is also reflecting on other data variables as well.

Avalanche-based NFTs also managed to cross 253K sales recently. Avalanche also completed a daily transaction record of 1.64 million transactions. The USDC native supply on the network also peaked at 1.66 million on 25 August.

The latest data surrounding the GameFi industry has raised questions for Avalanche of late. According to DappRadar, GameFi addresses witnessed a significant rise to 1.5 million in the second half of 2021, then declined gradually to around one million.

In retrospect, this is a much better performance as compared to DeFi address performance in the same period. It simply means that the GameFi industry has matured and can still retain users in the downtrend.

What now for AVAX?

Avalanche’s governance token AVAX has seen a major dip in the past 24 hours as alongside to other cryptocurrencies. The 11% dip on the daily chart has brought down AVAX just above the $20 support line.

It has also diminished the weekly gains which now stand at -10.09% according to CoinMarketCap. The crypto market has reacted woefully to Powell’s recent speech and AVAX’ performance is another reaction to it.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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