Avalanche Q2 report – Fees down 22%, NFTs plunge 90%: Will AVAX’s Q3 be better?

• AVAX experienced a decrease in network activity and performance in the NFT ecosystem during Q2.
• The price of AVAX dropped by more than 13% in the past week.

The second quarter of 2024 has concluded, bringing reports on the performance of various cryptocurrencies, including Avalanche [AVAX].

Coin98 Analytics recently shared a tweet highlighting AVAX’s performance in the last quarter.

The report revealed that AVAX’s fees and revenue in Q2 amounted to $3.5 million, marking a 22% decline from Q2 2023.

Avalanche’s Q2 Performance

During Q2, the blockchain processed over 101 million transactions with 43k daily active addresses, indicating a 26% year-on-year decrease. Daily transactions also saw a 30% YoY drop.

Additionally, Avalanche onboarded more than 2 million new addresses and recorded 21 million unique addresses, both lower than Q2 2023 figures.

The NFT ecosystem of Avalanche experienced a significant decline, with over 520k NFTs created last quarter, marking a 90% decrease from Q2 2023.

Despite this, the DeFi sector showed promise, reaching a value of $0.71 billion, a 4% increase YoY, while development activity on the blockchain remained stable. 

Looking Ahead to AVAX’s Q3

Following a lackluster Q2, AMBCrypto investigated the current state of AVAX to determine if Q3 started on a positive note.

Analysis of Artemis’ data revealed a sharp decline in AVAX’s Daily Active Addresses after a spike on July 6th, leading to a drop in Daily Transactions and revenue.

Source: Artemis

Santiment’s data analysis by AMBCrypto showed a decline in AVAX’s Development Activity and NFT trade counts, indicating a challenging start to Q3. 

Source: Santiment

Regardless of the outlook, here is the BTC market cap of AVAX 

AVAX’s price trend remained bearish, dropping over 13% in the past week. Currently, Avalanche is trading at $25.70 with a market cap exceeding $10.12 billion.

If the downtrend persists, AVAX could fall to $22.4. However, a reversal could see AVAX reclaiming $27 in the near future. 

Source: Hyblock Capital