Avalanche (AVAX) Reaches New Milestone, Records 21% Weekly Gains

AVAX has found a steady flow this year, but is still 80% down from its ATH.

Avalanche (AVAX) Reaches New Milestone, Records 21% Weekly Gains

Avalanche (AVAX), the ambitious rival of Ethereum (ETH), has found itself today in the 12th spot in the Top 100 cryptocurrencies by market capitalization. Surpassing the popular meme coin Shiba Inu (SHIB), the smart contract platform is ready to make waves in the crypto ocean. The Avalanche (AVAX) network is as active as ever, with the daily transactions surpassing 1,514,880 today, reaching a historical milestone of activity.

Many NFT Projects Find a Home on Avalanche (AVAX) Blockchain

The spike in price is partly triggered by the rising demand for NFTs on Avalanche’s blockchain. For instance, the Navy Seal Game NFT collection has seen so much popularity this week that hashtags like “#AvaxNFT” are still trending on Twitter. However, Avalanche’s (AVAX) weekly gains in NFT sales are at 3.78%, according to CryptoSlam.io, which is still far away from main rival Ethereum (ETH), which enjoys a 22.33% weekly gain in NFTs.

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Moreover, Pizza Game Chefs and Avapepes are trending among NFT enthusiasts, but that’s not the only reason why the blockchain’s native token is prospering. Another reason behind this is the success of its Multiverse program that was launched on March 8th. As the official website reads, Multiverse is “an incentive program focused on accelerating the adoption and growth of its novel Subnets, the premiere scaling solution for Web3 dApps.”

Moreover, the ecosystem’s native Avalanche Bridge lets users transfer popular cryptocurrencies like Shiba Inu (SHIB) over the bridge blazingly fast. Of course, that could be somewhat concerning for Vitalik Buterin and Ethereum (ETH), as the second largest crypto asset is getting ready for the historical “The Merge” upgrade.

Avalanche (AVAX) Price Accelerates Further

At press time, the blockchain’s native coin, AVAX, trades at $28.16, according to CoinGecko. The steady flow throughout the year makes Avalanche (AVAX) a pretty solid altcoin, as the yearly gains reached 75%. In terms of the recent month, Avalanche (AVAX) skyrocketed by 47%, with 22% of it in the last 7 days. As the project doesn’t get caught up in the bear traps of 2022, it’s fair to say that the company’s aim to provide the fastest-ever Layer-1 solution is starting to pay off.

On the Flipside

Learn more about the prospects of Avalanche (AVAX) to record gains for the Q4 of 2022

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.