Stablecoin transactions on the Avalanche network experienced a remarkable increase, reaching the highest level seen since 2023.
has been trying to mark its territory in the competitive altcoin space for quite some time. However, it has not been able to gain as much traction as its counterparts.Recent data indicated that the tides were turning in Avalanche’s favor. Avalanche observed the highest level of stablecoin activity recorded since 2023. This indicated more activity and liquidity present on the network.
Unlike other networks such as Solana, the memecoins on the network are being backed by institutions such as the Avalanche Foundation. If the bet made by the Avalanche Foundation pans out, the network could see further growth both in terms of its ecosystem and price.However, coming to other aspects of the Avalanche ecosystem, it was seen that interest in its NFT sector had declined. Blue chip Avalanche NFT collections such as LoFi leopards and Chad Doge witnessed a decline in terms of volume.Despite the decline in NFT interest, AVAX’s price was doing relatively well. At press time, AVAX was trading at $56.
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