AVAX trading volumes are surging and the price is up too. Here’s what’s next for the token…However, recent activity on decentralized exchanges like Mux Protocol has inspired optimism among traders. There seems to be renewed trading interest in the altcoin, something that can be seen as a potential sign that the market may be nearing a turnaround. The surging trade volume for tokens like Avalanche’s AVAX has been one of the main reasons behind such optimism.
Additionally, declining funding rates for AVAX Futures contracts suggest a shift in sentiment, with investors potentially moving away from short-term bets and towards holding onto altcoins for longer periods.The state of the Avalanche ecosystem will also heavily impact the price of AVAX in the future. AMBCrypto’s analysis of Artemis’ data revealed that the number of daily active addresses on the Avalanche network declined significantly.
However, things weren’t as positive on the development activity front. AMBCrypto’s examination of Santiment’s data revealed that the development activity around Avalanche fell significantly. This indicated that the number of code commits being made to Avalanche’s GitHub declined. A finding like this can have a negative impact on Avalanche’s ecosystem. It can lead to the slowing down of new updates and upgrades on the network as well.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.Subscribe to get it daily in your inbox.