Nansen: “This Altcoin Grows in Bear Market, Ready for 2023!”

Despite the bear market in 2022, some networks did not lose their vitality.

According to data prepared by Nansen, transactions on the Avalanche blockchain recorded a 1500% increase in November 2022 compared to 2021. Despite the bankruptcies and major collapses in the sector, the increase in transactions in the network during the toughest periods of the bear market was remarkable.

Nansen noted that the network has seen a notable increase in both NFT trading volume and overall transaction count, which strengthens the network.

“The network had 27 million transactions on November 21, 2021. Total transactions on Avalanche exceeded 450 million transactions on November 21, 2022. That’s a staggering 1507% increase in a single year.”

The report also reminded that this increase came at a time when the locked value in Avalanche was falling sharply. According to DeFiLlama, the locked value in Avalanche fell from $15 billion in November 2021 to $900 million in November 2022.

Nansen research analyst Mega Septiandara said:

“Well matched with strong transaction numbers and NFT transaction volumes, as well as new features and products to improve user experience, Avalanche is poised for continued growth in 2023 as it seeks to recover from the devastation caused by the FTX collapse.”