AVAX Trading Volumes Surge on Mux Protocol, Interest in Avalanche NFTs Grows
Despite the recent price decline of Avalanche [AVAX], trading volumes for the altcoin have surged on decentralized exchanges like Mux Protocol, sparking optimism among traders. The increased interest in AVAX trading is seen as a potential sign that the market may be on the brink of a turnaround, with AVAX even cracking the top-10 by volume.
Furthermore, declining funding rates for AVAX Futures contracts suggest a shift in sentiment, with investors potentially moving towards holding onto altcoins for longer periods. However, the state of the Avalanche ecosystem will heavily impact AVAX’s future price, as a decline in daily active addresses and transactions on the network could hinder its growth potential.
On a positive note, interest in Avalanche NFTs has grown significantly, with collections like Dreamheads and Lofi Leopards gaining attention. This surge in NFT interest could help attract more users to the ecosystem and improve sentiment towards AVAX.
At the time of writing, AVAX was trading at $35.52, with a 1.66% increase in price in the last 24 hours. However, development activity around Avalanche has seen a significant decline, with fewer code commits being made to the network’s GitHub. This could potentially slow down new updates and upgrades on the network.
Overall, the recent surge in trading volumes for AVAX on Mux Protocol, coupled with the growing interest in Avalanche NFTs, indicates a shifting sentiment towards the altcoin and its ecosystem.
