- 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.
Avalanche C-Chain Gas spent more than $20 million in the past seven days. In the past 7d, inscription activity accounted for 72.3% of the gas consumption and 86.5% of the transactions on the Avalanche C-Chain. Gas fees briefly spiked past 5,000 nAVAX ($4.5) when Trade Joe…— Wu Blockchain (@WuBlockchain) December 18, 2023
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, …
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