• 72.3% of the gas consumed by the network was attributed to inscription activity.
• AVAX was testing a key support level and technicals suggested it may continue to drop.
• Wu Blockchain revealed that gas consumption for Avalanche’s C-Chain reached more than $20 million.

Wu Blockchain revealed in an X post earlier today that gas consumption for Avalanche’s C-Chain soared above $20 million in the past week. According to the post, 72.3% of the consumption was due to inscription activity. This inscription activity also accounted for 86.5% of the transactions on the network during the same period. 

At press time, the price of AVAX was down 7.91% according to CoinMarketCap. As a result, the cryptocurrency was changing hands at $39.01. Despite the 24-hour loss, AVAX’s price was still up more than 10% on the weekly timeframe. Furthermore, …

The post AVAX’s Price at Risk of Dropping Despite Surge in Network Activity  appeared first on Coin Edition.

• 72.3% of the gas consumed by the network was attributed to inscription activity.
• AVAX was testing a key support level and technicals suggested it may continue to drop.
• Wu Blockchain revealed that gas consumption for Avalanche’s C-Chain reached more than $20 million.

Wu Blockchain revealed in an X post earlier today that gas consumption for Avalanche’s C-Chain soared above $20 million in the past week. According to the post, 72.3% of the consumption was due to inscription activity. This inscription activity also accounted for 86.5% of the transactions on the network during the same period. 

At press time, the price of AVAX was down 7.91% according to CoinMarketCap. As a result, the cryptocurrency was changing hands at $39.01. Despite the 24-hour loss, AVAX’s price was still up more than 10% on the weekly timeframe. Furthermore, …

The post AVAX’s Price at Risk of Dropping Despite Surge in Network Activity  appeared first on Coin Edition.