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Avalanche (AVAX) up 5% as It Sets Ambitious User Count Target: Details

source-logo  u.today 02 June 2023 15:29, UTC

Avalanche (AVAX) is on a mild bullish run today as it is drawing on positive momentum from last month as concerns its adoption. Data from the proof-of-stake (PoS) blockchain protocol showed that the total Monthly Active Users (MAU) on Avalanche soared to its highest level above one million users in May.

Avalanche MAU Chart

Specifically, this exact count is pegged at exactly 1,080,950, a figure that is indicative of massive adoption by investors. Prior to this all-time high, the MAU recorded in April came in at 840,730 users, up sharply from the 416,758 in March.

Despite its relatively lower developer activities or publicity when compared to other known PoS blockchain networks, Avalanche has continued to be an endearing protocol amongst retail investors and, as such, spurred the massive adoption of the digital currency.

The blockchain is already setting an ambitious path for itself in this month of June. In just the first two days of this month, total users on the platform have topped 120,438 at the time of writing. Should this momentum be sustained, chances are that AVAX will surpass its user count ATH for this month.

Implication on price

The more that users stack up on Avalanche, the more positive momentum is maintained in the price of the protocol's native token. AVAX is changing hands at a price of $14.47, up by 1.97% over the past 24 hours, and by more than 5% in the past week.

Avalanche has been on a more calmer bullish path, but its growing adoption represents a positive upside that can stir a parabolic run in the price of the coin moving forward. The protocol has continued to ink a number of partnerships both with native Web3.0 and mainstream Web2.0 firms to help bolster its technology and offerings to users across the board.