Avalanche Price Prediction as AVAX Pumps Another 5.5% on SocialFi Hype and Rising On-Chain Activity
AVAX, the native token that powers high throughput layer-1 blockchain protocol Avalanche, has pumped another 5.5% on Friday, takings its gain on the week to close to 10%, as the launch of a new SocialFi (web3 social media platform) called Stars Arena on its blockchain generates hype.
As per CoinGecko, AVAX is up close to 6% in the last 24 hours and 17% in the last seven days, making it the top-performing cryptocurrency in the top 20 by market capitalization over both time periods.
AVAX was last changing hands close to $10.70 per token, having broken convincingly to the north of both its 21 and 50-Day Moving Averages this week.
The cryptocurrency has arguably been in an uptrend since breaking out of a downtrend in late September that had been in play going all the way back to July.
Bulls are now eyeing a retest of resistance in the low $11s per token, where the late August high and 100DMA reside.
Daily transaction on the Avalanche blockchain hit their highest level since May earlier this week at above 550,000, as per snowtrace.io, in a sudden surge in on-chain activity that has been linked to the recent launch of SocialFi platform Stars Arena.
Stars Arena is an Avalanche-based fork of the Friend.tech, a crypto-powered social media platform designed to streamline the process of monetization of social media influencers and personalities.
As of the 6th of October, Stars Arena had a trade value locked (TVL) of $2.5 milllion, up from only around $30,000 on the day of the protocol’s launch last Wednesday.
That makes it the second largest SocialFi platform by TVL, second only to its predecessor Friend.tech.
Impressive growth continues despite the protocol’s users coming under attack soon after its launch.
Assuming Stars Arena continues to
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