Avalanche activity driven by DEXs, trading bots, whale memecoin speculation
Growing decentralized trading and memecoin speculation from big investors are driving Avalanche’s blockchain activity, according to Nansen analysts.
Smart contract blockchain Avalanche recorded a consistent surge in blockchain activity, as analysts pointed to growing decentralized trading activities and returning crypto whale speculation on the next emerging memecoin.
Avalanche’s transaction growth surpassed all other blockchains the past week, rising 66% to 11.9 million transactions across more than 181,000 active addresses, signaling growing investor mindshare focusing on the blockchain.
The milestone occurred after a “landmark effort” of the US Department of Commerce, which adopted Avalanche, along with nine other public decentralized blockchains, to publish its real gross domestic product (GDP), Cointelegraph reported on Friday.
