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Arweave posted a 9% gain over the last 24 hours to $11.52, marking a 12-week high.
The price spike was accompanied by a tweet from Arweave co-founder and CEO Sam Williams, who said the chain had experienced its highest-ever monthly transaction count in January.
The tweet included a chart showing the number of transactions reaching over 58.2 million last month; Williams said this is up 80% over the previous month and 21% higher than during the “$NFT bull market peak.”
Since the June 2022 low of approximately 12 million, transactions have been rising sharply, with January seeing a near-vertical increase in transaction count.
When asked what is behind the jump in activity, Williams said he is not entirely sure but thinks it may be due to a “new significant user” joining the ecosystem around Jan. 14.
“Can’t be 100% sure, but it looks like a new significant user coming online. From Viewblock we can tell that it is:
A. Coming from Arweave signing wallets (rather than SOL/ETH that $NFT uploaders generally use)
B. Using bundles
C. Started on ~Jan 14
Looking for more details”
AR on a roll
Arweave year-to-date gains come in at 86%, having formed a local bottom at $6.147 on Dec. 31, 2022.
Since the start of the new year, a strong run, including nine consecutive daily green closes between Jan. 6 and 14, has lifted AR higher.
Resistance at the $9.90 zone was tested and rejected three times before breaking out and closing above that level on Jan. 25.
Edging higher over the subsequent days, AR was rejected at $12.20 on Feb. 1. The token remains significantly adrift from its pre-FTX price of $17.95.
Despite AR’s strong run of form since the start of the year, like most altcoins, the token has been carrying a significant percentage drawdown since the November 2021 market top. At the current price, AR is down 87% from its $89.24 ATH price, achieved on Nov. 5, 2021.
What is Arweave?
Arweave is a decentralized permanent storage solution that aims to preserve “humanity’s most important data.”
This use case has found favor with $NFT artists and collectors who seek to save their digital art on the network. With Ethereum and Solana being significant $NFT chains, Arweave has built integrations with these chains to incorporate the $NFT process, including marketplace integrations for $NFT trading.