Is the Avalanche at the mercy of stakers and NFTs to save themselves from recent problems

Avalancheas of October 23, was ranked #17 in terms of market capitalization according to CoinMarketCap. Recently, AVAX has witnessed a massive decline in terms of social engagements and its general feel. However, it is growth in the NFT area can help Avalanchetheir chances to grow.

________________________________________________________________________________

Here is AMBCryptos Price prediction for Avalanche [AVAX] for 2022-2023

________________________________________________________________________________

In accordance LunarCrush, a social media analytics platform, the number of engagements and social mentions for AVAX dropped dramatically during September. The number of social engagements also saw a decrease of 32.84% and social mentions weakened by 34.5% in the last 30 days. In the same time period, sentiment towards AVAX was mostly negative.

As seen in the image below, apart from a few spikes, the weighted sentiment was mostly below zero for Avalanche. This indicated that crypto community sentiment towards AVAX was more negative than positive throughout the month.

Source: Sentiment

Can AVAX see any recovery?

One of the ways Avalanche can regain interest from the crypto community could be through its efforts on the NFT front. With the launch of new and upcoming projects such as Fableborne and Pulse on the platform, the NFT market can contribute to the growth of AVAX.

Also, one reason Avalanche investors can be optimistic will be the uptick observed in AVAXs daily active NFT users. However, despite the increase in daily active users, there are other metrics to consider here as well.

Despite the increase in daily active users, the total volume of blue chip AVAX NFT collections continued to decline. As shown below, the volume of the top 5 NFT pools on the network continued to decline throughout September. Along with this development, the number of NFTs that were minted also witnessed a decline.

Source: AVAX NFT statistics

It remains to be seen AvalancheThe NFT growth will reflect in the prices. Another factor that could help the Avalanche grow could be the growing interest from strikers. In accordance Wagering of rewardsincreased the number of stakers on the Avalanche network by 103% in the last 30 days.

At the time of writing AVAX traded at $15.82 and had risen by 1.18% in the last 24 hours. However, the volume had fallen by 19.97% in the same time period.