Despite the depletion caused by Jerome Powell, Avalanche [AVAX] recently accomplished another significant feat. Patrick Sutton, an executive of Ava Labs, verified that the monthly transaction volume for Avalanche has surpassed all previous records. Sutton verified in a tweet that Avalanche successfully executed 32.7 million transactions in August, finishing up with seven days to spare.
The transactions increased to 33.2 million the next day, according to Avaxholic. Monthly transactions in 2022 reached two new records in just three months. That demonstrates Avalanche’s remarkable recent growth amid challenging market conditions.
Avalanche has a hot streak!
Avalanche’s increase since the June bottoms was also shown in a tweet by Avaxholic. According to the update, Avalanche’s rise in transactions on EVM blockchains has been the greatest. Avalanche has the most market share among these blockchains at 18.8%, with Fantom coming in second at 12.6%.
Other ATHs for Avalanche throughout August are confirmed by the data with time to spare. On Avalanche, activity has increased, which is also having an impact on other data variables.
Recently, avalanche-based NFTs also achieved 253K sales. A daily transaction record of 1.64 million transactions was also finished by Avalanche. The network’s native USDC supply also reached a peak on August 25 at 1.66 million.
Recent GameFi industry data has caused Avalanche to wonder about some things. GameFi addresses reportedly increased significantly to 1.5 million in the second half of 2021 before gradually declining to about one million, according to DappRadar.
When compared to DeFi address performance within the same time period, this performance is noticeably superior. It simply means that despite the downturn, the GameFi market has developed and can retain consumers.
In comparison to other cryptocurrencies, Avax, the governance token of Avalanche, has experienced a significant decline during the previous 24 hours. AVAX has decreased by 11% on the daily chart, falling just over the $20 support level.
Additionally, CoinMarketCap reports that the weekly gains have decreased, and are currently at -10.09%. Powell’s latest speech has received a terrible response from the crypto market, and AVAX’s performance is another response to it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.