Avalanche’s Q2 Report: Fees Down 22% and NFTs Down 90%. Will AVAX Do Better in Q3?

Journalist

• AVAX’s network activity declined in the second quarter, as did its performance in the NFT ecosystem.
• AVAX’s price has fallen by more than 13% in the last seven days.

Q2 2024 has come to an end and there are reports on the performance of several coins, including Avalanche [AVAX].

Coin98 Analytics recently published a tweet highlighting AVAX’s performance last quarter on several fronts.

The report mentioned right at the start that AVAX’s fees and revenue reached a total of $3.5 million in the second quarter. Although this looked promising, it was actually a 22% drop compared to Q2 2023.

Avalanche’s performance in the second quarter

In the second quarter, the blockchain executed more than 101 million transactions. It had over 43,000 daily active addresses, a 26% drop year-on-year. Likewise, daily transactions saw a 30% drop year-on-year.

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

Avalanche’s NFT ecosystem also experienced a massive decline. According to the latest report, a total of over 520,000 NFTs were created last quarter, a 90% drop compared to Q2 2023.

However, things looked optimistic in the DeFi space as the value reached $0.71 billion, a 4% increase year-on-year. In addition, the blockchain’s development activity also remained quite stable.

And what about AVAX’s third quarter?

Avalanche saw no growth in most sectors in Q2, so AskFX checked its current status to see if Q3 also started off badly.

Our analysis of Artemis’ data shows that AVAX’s daily active addresses have dropped sharply after a spike on July 6.

As a result, the blockchain’s daily transactions also dropped last week. Its fees and revenue also followed a similar downward trend.

AskFX analyzed Santiment data and found that the blockchain’s development activity has dropped in recent days. The total number of NFT transactions also dropped after a major spike on July 3. These records suggest that AVAX’s third quarter does not look very promising.

Realistic or not, this is AVAX in BTC terms

AVAX’s price action remained bearish as it fell more than 13% in the last seven days. Avalanche’s price was 25.70 at the time of writing. Its market cap is over $10.12 billion.

AVAX could drop to $22.4 if the downtrend continues. AVAX could regain $27 in a few days if the trend changes.