Avalanches Q2 Report Expenses Down by 22 NFTs Plummet 90 Will Q3 Be Better for AVAX

CoinDesk Report:
AVAX’s network activity declined in the second quarter, and its performance in the NFT ecosystem also decreased. The price of AVAX has fallen by more than 13% in the past seven days.
The second quarter of 2024 has ended, and performance reports for several coins, including Avalanche [AVAX], have been released.
Coin98 Analytics recently tweeted, focusing on AVAX’s performance in various aspects in the previous quarter.
The report begins by mentioning that AVAX’s expenses and revenues in the second quarter amounted to $3.5 million. Although this may seem promising, it actually decreased by 22% compared to the second quarter of 2023.
Avalanche’s Performance in the Second Quarter
In the second quarter, the blockchain executed over 101 million transactions. Its daily active addresses exceeded 4,300, a 26% decrease compared to the previous year. Similarly, its daily trading volume decreased by 30% year-on-year.
In the second quarter, Avalanche added over 2 million addresses and registered 21 million unique addresses, also lower than the second quarter of 2023.
Avalanche’s NFT ecosystem also experienced a significant decline. According to the latest report, over 520,000 NFTs were created last quarter, a 90% decrease compared to the second quarter of 2023.
However, the situation in the DeFi sector appears optimistic, with a value of $710 million, a 4% increase compared to the previous year. Additionally, the blockchain’s development activity remained relatively stable.
How is AVAX performing in the third quarter?
Most of Avalanche’s industries did not experience growth in the second quarter. Therefore, AMBCrypto examined its current status to see if Q3 is also starting on a bad note.
Our analysis of Artemis data shows that AVAX’s daily active addresses sharply declined after a surge on July 6.
As a result, the daily trading volume of the blockchain also decreased last week. Its fees and revenues also exhibited a similar downward trend.
AMBCrypto’s analysis of Santiment data shows that the blockchain’s development activity has declined in the past few days. Its total NFT transactions also decreased after a significant surge on July 3.
These datasets indicate that, so far, the third quarter of AVAX does not appear promising.
Regardless of reality, here is the market cap of AVAX in BTC
The price trend of AVAX remains bearish, falling by over 13% in the past seven days. At the time of writing this article, Avalanche’s trading price is $25.70, with a market cap exceeding $10.12 billion.
If the economy continues to decline, AVAX may drop to $22.4. However, if the trend changes, AVAX can recover to $27 within a few days.