With the latest flood of sales, Avalanche overtook 15 leading NFT chains, including Bitcoin, Ethereum and Polygon.
Avalanche AVAX $9.15 24h volatility: 1.4% Market cap: $3.95 B Vol. 24h: $397.29 M is seeing an impressive rise in its non-fungible token sales volume, mainly coming from a collection called XSY Deposit.
XSY is the company behind the algorithmic stablecoin project Unity (UTY), which received a $5 million Pre-Series A funding.
The XSY deposit fund movements are recorded as NFT sales on the Avalanche network. According to CryptoSlam data, the collection recorded $22.17 million in sales over the past 24 hours, marking a nearly 200,000% rally.
However, it’s still unclear why XSY’s transactions are being recorded as NFT sales. The lack of public information from the project regarding the XSY Deposit collection shows its limited transparency.
The sharp rise and fall in the collection’s sales volume suggest potential market manipulation or speculative trading.
The massive rise helped the Avalanche network to take the top spot with $22.18 million in trading volume — it surpassed major blockchains like Ethereum ETH $2 199 24h volatility: 0.2% Market cap: $265.37 B Vol. 24h: $24.35 B , Polygon POL $0.0891 24h volatility: 3.5% Market cap: $946.20 M Vol. 24h: $79.22 M , Bitcoin BTC $71 261 24h volatility: 0.1% Market cap: $1.43 T Vol. 24h: $47.37 B and Solana SOL $82.85 24h volatility: 2.0% Market cap: $47.54 B Vol. 24h: $4.00 B , to name a few.
Moreover, the rise in NFT sales brought positive momentum to AVAX. The token is up 1.6% and is trading at $22.6 at the time of writing. Key indicators suggest a strong possibility of a bull run for the asset. However, it should be noted that market volatility and sentiment can impact an asset’s price movements.
This brings the total NFT sales to $37.14 million — a level last seen in mid-December 2024.
Similar spikes in NFT sales have been recorded with different projects, like the Pudgy Penguins’ $1.28 million sale in late April. However, the leading collections in the ecosystem have been showing massive declines.
The once-popular collection CryptoPunks, for instance, recorded only one NFT sale, worth $134,080, in the past 24 hours. Ethereum’s NFT trading volume decreased by 15% to $3.3 million.
Bitcoin, on the other hand, saw a 27% increase in its NFT sales, reaching $2.9 million, according to CryptoSlam.
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