Avalanche (AVAX) tokens have experienced a remarkable boost in demand recently, attributed to the promotion of an application built on the blockchain by popular accounts on the social app X, formerly known as Twitter. This sudden surge in interest has led to significant price fluctuations and increased transaction activity within the AVAX ecosystem.
The application in question, known as “Stars Arena,” bears a striking resemblance to Friend.Tech, a viral app within the Ethereum community. Stars Arena allows Ethereum users to purchase “shares” of X accounts, offering them various privileges in return. These privileges can range from exclusive content access to personalized interactions with account owners. This innovative concept has piqued the interest of crypto enthusiasts and social media users alike.
According to data from DappRadar, Stars Arena has witnessed a surge in popularity, with over 600,000 transactions recorded since the beginning of the week. This rapid adoption reflects the growing appetite for blockchain-based applications that blur the lines between social media and decentralized finance (DeFi).
Source: DappRadar
On October 4, 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.
One of the most striking indicators of the surge in AVAX’s popularity is its price movement. On Wednesday, AVAX prices experienced a sudden and significant jump of up to 10% in just a week, catching the attention of traders and investors. However, it’s important to note that this price increase was not without some subsequent retracement, as the market sought to stabilize after the initial surge. Nonetheless, this price movement underscores the strong influence of social media promotion on cryptocurrency markets.
AVAX/USDT 4 hour-chart on Binance exchange | Source: TradingView
Additionally, on-chain data paints a compelling picture of the increased interest in AVAX. Transactions within the Avalanche ecosystem have surged by nearly 40% since the beginning of the week. This remarkable growth in transaction volume showcases the blockchain’s scalability and efficiency in handling increased demand.
The surge in AVAX’s popularity highlights the evolving relationship between social media and blockchain technology. Social platforms like X, with their vast user bases and influential accounts, are becoming powerful channels for promoting blockchain-based applications. These platforms provide a means for crypto projects to gain exposure and reach a broader audience quickly.
Source: https://azcoinnews.com/avalanche-avax-price-soars-by-10-the-impact-of-social-media-promoted-stars-arena.html