Avalanche Active Addresses Spike 140%

The Avalanche ecosystem shows renewed signs of life, with active users and native DEX volumes increasing as users look to qualify for memecoin presales and token airdrops on the Layer 1 blockchain.

Active wallets on Avalanche increased by 140% yesterday as traders flocked to the ecosystem, with 360,000 unique wallets on March 4, compared to roughly 150,000 a week ago. LFJ (formerly Trader Joe), Avalanche’s largest native decentralized exchange (DEX) by volume, processed $580 million in volume over the last week, compared to just $430 million the week before, a 35% increase.

The influx of users is likely sparked by a series of highly anticipated airdrops and memecoins, the first of which, called BLUB, released on March 4. The BLUB token featured a social engagement strategy where users earned presale allocations, which peaked at over 50x their investment price in less than 24 hours after the token began trading.

BLUB launched at a $50 million market capitalization, and is now trading at an $85 million valuation, after briefly touching an all-time high of $110 million last night. The token has generated nearly $30 million in trading volume since its release, making it the highest volume token on the Avalanche chain by an order of magnitude.

Users have also been experimenting with the chain and some of its Web3 gaming projects in order to try and secure an allocation of the upcoming WOOF token, which will represent a gaming-focused utility dApp incubated by the Wolves DAO gaming community.

While activity and opportunities on the chain have risen, the influx of users has had minimal impact on the AVAX token price. AVAX currently trades at $21.45, or an $8.8 billion valuation, and is up 6% in the last 24 hours, but remains mostly flat over the last seven days.