 Avalanche | AVAX & SocialFi 
2023-10-06

The price of Avalanche is $10.59 today with a 24hour trading volume of 240 million dollar. This represents a 5% price increase in the last 24 hours and a 14% price increase in the past 7 days. With a circulating supply of 350 Million AVAX, Avalanche is valued at a market cap of 3.7 Bil$.

two days ago the number of transactions on the Avalanche chain reached 577,000, the highest in the past quarter. This was mainly due to the launch of Star Arena, a friend tech-like social software. In the past 24 hours, the number of transactions on Star Arena reached 454,000, and the number of active addresses reached 12,000. 

what is Avalanche ? Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof of stake consensus protocol. It is said to be fast, low cost, and environmental friendly.Mainnet was launched in September 21, 2020. Since then, the platform has grown to secure over 100+ individual projects, $1.4M+ of AVAX burned , 950+ individual block-producing validators, and over 500k+ community members around the globe. Decentralized finance applications can be found on Avalanche such as Pangolin, TraderJoe and Benqi.

Increased activity and sentiment on Avalanche are linked to the decentralized SocialFi app Stars Arena, causing a surge in popularity.It allows users to buy shares and tip others on their posts and a lot of ETH is being bridged to the platform, it noted. Stars Arena is a fork of the Friend.tech platform that has also surged in popularity. 

Stars Arena’s total value locked is just 1.5 million dollar, according to DeFiLlama and  it has surged 340% over the past three days as activity ramps up.

Avax bulls manage to break 9.9$ resistance and heading to 10.9$ now, we are above EMA50 and shows a reversal from the demand zone of $8 plus most indicators are bullish for now 