Avalanche Q2 report – Fees down 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. 
• 
  
  AVAX’s
  price
  declined
  by
  more
  than
  13%
  in
  the
  last
  seven
  days. 

The
second
quarter
of
2024
has
come
to
an
end,
and
reports
have
arrived
regarding
the
performances
of
several
coins,
including

Avalanche
[AVAX].

Coin98
Analytics
recently
posted
a


tweet

highlighting
AVAX’s
performance
on
multiple
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.
Though
this
looked
promising,
it
was
actually
a
22%
drop
compared
to
Q2
2023.

Avalanche’s
performance
in
Q2

In
Q2,
the
blockchain
executed
more
than
101
million
transactions.
It
had
over
43k
daily
active
addresses,
which
was
a
26%
year-on-year
drop.
Similarly,
its
daily
transactions
registered
a
30%
YoY
drop.

In
Q2,
Avalanche
onboarded
more
than
2
million
new
addresses
and
registered
21
million
unique
addresses,
which
were
also
less
than
Q2
2023.

Avalanche’s
NFT
ecosystem
also
witnessed
a
massive
decline.
As
per
the
latest
report,
a
total
of
over
520k
NFTs
were
created
last
quarter,
which
was
a
90%
decrease
compared
to
Q2
2023.

Things
in
the
DeFi
space,
however,
looked
optimistic
as
the
value
touched
$0.71
billion,
a
4%
increase
YoY.
Moreover,
the
blockchain’s
development
activity
also
remained
pretty
stable. 

What
about
AVAX’s
Q3?

Avalanche’s
Q2
didn’t
witness
growth
in
the
majority
of
the
sectors.
Therefore,
AMBCrypto
checked
its
current
state
to
see
whether
Q3
also
began
on
a
bad
note.

Our
analysis
of
Artemis’
data
shows
that
AVAX’s
Daily
Active
Addresses
dropped
sharply
after
spiking
on
the
6th
of
July.

As
a
result,
the
blockchain’s
Daily
Transactions
also
dropped
last
week.
Its
fees
and
revenue
also
followed
a
similar
declining
trend.

AMBCrypto’s
analysis
of
Santiment’s
data
revealed
that
the
blockchain’s
Development
Activity
dropped
in
the
last
few
days.
Its
total
NFT
trade
counts
also
went
down
after
a
massive
spike
on
the
3rd
of
July.

These
datasets
suggested
that,
as
of
now,
AVAX’s
Q3
also
didn’t
look
very
promising. 

Source:
Santiment

[crypto-donation-box]

ADVERTISEMENT

Realistic
or
not,
here’s

AVAX
market
cap
in
BTC’s
terms 

AVAX’s
price
action
also
remained
bearish,
as
it
dropped
by
more
than
13%
in
the
last
seven
days.
At
the
time
of
writing,
Avalanche
was

trading

at
$25.70
with
a
market
capitalization
of
over
$10.12
billion.

If
the
downturn
continues,
then
AVAX
might
drop
to
$22.4.
However,
if
the
trend
changes,
AVAX
can
reclaim
$27
in
just
a
few
days. 

Source:
Hyblock
Capital