According to CoinMarketCap, Avalanche was ranked #17 in terms of market cap as of October 23. AVAX’s social engagements and overall sentiment have recently declined dramatically. However, its expansion in the NFT space may boost Avalanche’s chances of success.
According to LunarCrush, a social media analytics platform, AVAX’s engagements and social mentions dropped significantly in September. In the last 30 days, the number of social engagements fell by 32.84%, and the number of social mentions fell by 34.5%. During the same time period, AVAX received mostly negative feedback.
As can be seen from the image below, apart from a few spikes, the weighted sentiment was mostly below zero for Avalanche. This indicated that the crypto community’s sentiment towards AVAX was more negative than positive throughout the month.
Source: Santiment
Can AVAX see some recovery?
One of the ways that Avalanche could regain interest from the crypto community could be through its efforts on the NFT front. With the launch new and upcoming projects such as Fableborne and Pulsar on the platform, the NFT market could contribute towards the growth of AVAX.
Furthermore, a reason why Avalanche investors could be optimistic would be the uptick observed in AVAX’s daily active NFT users. However, despite the spike in daily active users, there are other metrics that should be considered here as well.
Despite the uptick in daily active users, the total volume of blue chip AVAX NFT collections continued to decline. As seen below, the volume of the top 5 NFT collections on the network continued to decline through September. Coupled with this development, the number of NFT’s being minted also witnessed a decline.
Source: AVAX NFT Stats
It remains to be seen whether Avalanche’s NFT growth will reflect in its prices. Another factor that could help Avalanche grow could be the increasing interest from stakers. According to Staking Rewards, the number of stakers on the Avalanche network grew by 103% over the last 30 days.
At the time of writing AVAX was trading at $15.82 and had appreciated by 1.18% in the last 24 hours. However, its volume had declined by 19.97% in the same time period.
