According to data from Artemis, the number of daily active wallets on Avalanche's C-Chain recently surpassed 100,000. This figure even exceeds the number recorded when AVAX reached its all-time high of over 147 dollars at the end of 2021.
Furthermore, Token Terminal data shows that monthly active wallets on Avalanche jumped from less than 500,000 to 2.2 million in just one month.
"This increase is likely due to the launch of the blockchain game MapleStory Universe. Meanwhile, BlackRock's tokenized product for short-term Treasury bonds, sBUIDL, has been adopted as collateral in the Avalanche-based Euler protocol," explained Wu Blockchain.
However, Avalanche faces a paradox. On-chain activity seems disconnected from market sentiment towards AVAX. The token is still trading around 20 dollars, more than 60% below its late 2024 peak.
This discrepancy has led some analysts to believe that it might be a good time to buy AVAX. Investor Crypto Pirates predicts that AVAX has entered a demand zone and could rebound in June.
