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

08/11/2022

2 minutes read

2022.08.11 03:02

Avalanche (AVAX), the ambitious rival of Ethereum (ETH), has found itself today on the #12th spot in the Top 100 crypto currencies 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.

JUST IN: #Avalanche daily transaction count reaches a new all-time high of 1,514,880 today.

— Watcher.Guru (@WatcherGuru) August 10, 2022

Many NFT Projects Find 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 (NYSE:TWTR). However, Avalanche’s (AVAX) weekly gains in NFT sales are at 3.78%, according to CryptoSlam.io, which is still a long way to go if compared to main rival Ethereum (ETH), which enjoys a 22.33% weekly gain in NFTs.

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”.

MAJOR ANNOUNCEMENTWe will launch a state of the art NFT Marketplace + Launchpad on #Avalanche as early as next week. Stay tuned for updates and read more below or at https://t.co/iGd92RoqTs Whitepaper.To win 25,000 $OVX. RetweetTag 3 friends Follow @onAVAX pic.twitter.com/omEaTTLHpA

— onAVAX (@onAVAX) August 9, 2022

Moreover, the ecosystem’s native Avalanche Bridge lets users transfer popular crypto currencies 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