- The social metric reflecting Avalanche’s popularity increased by over 100% last week. In addition, the price movement of the blockchain’s own token was not very volatile.
- According to the data, the social mention count of AVAX increased by over 150% last week, reaching 1.44 thousand. Furthermore, social interaction increased by over 200%.
- It was announced that Uniswap has become active on Avalanche. With the new launch, users can now exchange Avalanche tokens through Uniswap.
Avalanche’s social media metrics showed a positive increase last week, but the AVAX price is not performing as expected by investors.
Avalanche’s Social Media Popularity is Increasing
The social metric reflecting Avalanche’s popularity increased by over 100% last week. This was a notable reflection on the blockchain ecosystem, where no significant event that could potentially trigger this rise occurred.
In addition, the price movement of the blockchain’s own token was not very volatile. However, AVAX recently made an announcement that could encourage further growth in popularity. Data highlighting the performance of Avalanche blockchain’s social measures was published in recent days.
According to the data, the social mention count of AVAX increased by over 150% last week, reaching 1.44 thousand. Furthermore, social interaction increased by over 200% and reached 60.4 million, which was a significant increase.
In addition, social dominance and contributors increased by 157% and 28% respectively. The surprising thing was that no significant event that could cause this increase had occurred in the ecosystem. On the contrary, the fundamental features of the network had declined.
According to Artemis data, AVAX’s daily active users and daily transaction volume decreased, indicating that the blockchain was being used less.
However, there was a recent development that attracted attention. It was announced that Uniswap has become active on Avalanche. With the new launch, users can now exchange Avalanche tokens through Uniswap.
Will Avalanche’s popularity affect the AVAX price?
Last week was not a good week for AVAX investors, as the token price only moved slightly. According to the data, AVAX’s price dropped by over 3% in the last 24 hours. At the time of writing, its price is $12.70 and its market value is over $4.3 billion.
Its popularity may have had an impact on the Binance funding rate, which reflects its demand in the derivatives market. Interestingly, AVAX’s open positions had also decreased, which could change the declining price trend in the coming days.
On the other hand, despite the positive metrics mentioned above, AVAX’s daily chart indicated a different situation. The 20-day Exponential Moving Average (EMA) was below the 55-day EMA, indicating a bearish signal. Avalanche’s Relative Strength Index (RSI) followed a horizontal path below the neutral level. However, AVAX’s Chaikin Money Flow (CMF) recorded an increase and provided hope for price growth in the coming days.
