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This week represents a period free from September’s gloom, but we have yet to see the long-awaited October rallies. The good news, however, is that AVAX Coin price has surpassed $10. The popular layer1 token had dropped below $9 due to the inflation reaching 40% this year. So, what was the reason behind the ongoing surge?
Why is AVAX Coin Surging?
The popular Ethereum competitor altcoin is back above $10. The recent surge is thanks to the Stars Arena SocialFi protocol. When we announced it earlier this week, we mentioned that it could positively impact the network activity of social media applications and potentially drive up the price. Additionally, the demand for AVAX Coin has increased due to investors looking to make profits.
The Layer 1 blockchain network Avalanche has found a new comeback opportunity amid the deepening bear market. The recent increase has reached 13% in the past few days.
According to Santiment data, there has been a significant increase in social media activity for AVAX Coin. The increase in activity and awareness on Avalanche is linked to a decentralized Twitter-like SocialFi application called Stars Arena. Stars Arena, as an alternative to Friend tech on the Avalanche network, has gained significant attention.
350% Surge
The platform quickly resolved the vulnerability that came to light yesterday. Only $2,000 was stolen from the smart contract. According to DeFiLlama, the total locked value (TVL) of Stars Arena is at $1.48 million. This is a very good figure for a platform that started operating last week, and the TVL has increased by 350% in the past three days.
Santiment also highlighted the increased market expectations for AVAX in its recent market report.
“After the success of SOL and DOT in previous bull runs, there is speculation that AVAX could be the next $1,000 crypto.”
At the time of writing, AVAX Coin was trading above $10.66. Reaching this level is extremely positive, and if BTC allows, it could test the $14.5 target. However, the direction of AVAX price will depend on whether the popularity of the Stars Arena platform can be sustained.
