NFTs
Avalanche Q2 Report – Fees Drop 22%, NFTs Plunge 90%: Will AVAX’s Q3 Be Better?
- AVAX’s network activity dropped in Q2, as did its performance in the NFT ecosystem.
- The price of AVAX has fallen by more than 13% in the last seven days.
The second quarter of 2024 has come to an end and reports have arrived on the performance of several currencies, including Avalanche [AVAX].
Coin98 Analytics recently posted a tweet highlighting AVAX’s performance on several fronts in the last quarter.
Right off the bat, the report mentioned that AVAX’s fees and revenue in Q2 reached a total of $3.5 million. While this seemed promising, it was actually a 22% drop compared to Q2 2023.
Avalanche’s Q2 Performance
In Q2, the blockchain executed over 101 million transactions. It had over 43 thousand daily active addresses, which was a 26% drop YoY. Similarly, its daily transactions saw a 30% drop YoY.
In Q2, Avalanche onboarded over 2 million new addresses and registered 21 million unique addresses, which was also less than in Q2 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% drop compared to Q2 2023.
Things in the DeFi space, however, looked bullish as the value reached $0.71 billion, up 4% YoY. Furthermore, blockchain development activity also remained fairly stable.
What about AVAX’s third quarter?
Avalanche’s Q2 witnessed no growth across most sectors. Therefore, AMBCrypto checked its current status to see if Q3 also started on a bad note.
Our analysis of Artemis data shows that AVAX daily active addresses have dropped dramatically after peaking on July 6th.
As a result, the blockchain’s Daily Transactions also dropped last week. Its fees and revenues also followed a similar declining trend.
Source: Artemis
AMBCrypto’s analysis of Santiment data revealed that the blockchain’s Development Activity has dropped in recent days. Its total NFT trading counts have also dropped after a massive spike on July 3.
These data sets suggested that so far, AVAX’s third quarter is not looking too promising either.
Source: Santiment
Realistic or not, here it is AVAX Market Cap in BTC Terms
AVAX price action also remained bearish as it fell over 13% in the last seven days. At the time of writing, Avalanche was negotiation at $25.70 with a market cap of over $10.12 billion.
If the decline continues, then AVAX could drop to $22.4. However, if the trend changes, AVAX could recover to $27 in just a few days.
Source: Hyblock Capital