Growing decentralized trading and memecoin speculation from large investors are driving Avalanche’s blockchain activity, according to Nansen analysts.
Smart contract blockchain Avalanche recorded a consistent surge in blockchain activity, as analysts point to growing decentralized trading activities and returning crypto whale speculation around the next emerging memecoin.
Avalanche’s transaction growth surpassed all other blockchains the past week, rising 66% to 11.9 million transactions across over 181,000 active addresses, signaling growing investor mindshare focusing on the blockchain.
The milestone occurred after a “landmark effort” of the US Department of Commerce, which adopted Avalanche, along with nine other public decentralized blockchains, for publishing its real gross domestic product (GDP), Cointelegraph reported on Aug. 29.
