[ad_1]
Arweave posted a 9% gain over the last 24 hours to $11.52, marking a 12-week high.
The price spike was accompanied by a tweet from Arweave co-founder and CEO Sam Williams, who said the chain had experienced its highest-ever number of monthly transactions in January.
The tweet includes a chart showing the number of transactions reached more than 58.2 million last month; Williams says this is up 80% from the previous month and 21% higher than during the “peak of the NFT bull market”.
Since the June 2022 low of around 12 million, transactions have risen sharply, with January seeing an almost vertical increase in the number of transactions.
When asked what was behind the activity jump, Williams said he wasn’t entirely sure but thought it might be due to a “significant new user” joining the ecosystem around January 14th.
“Can’t be 100% sure, but it looks like there are significant new users online. From the Viewblock we can tell that it is:
A. Coming from Arweave signing wallet (not SOL/ETH which NFT uploaders usually use)
B. Using a bundle
C. Starting on ~14 Jan
Looking for more details”
AR on rolls
Arweave’s year-to-date profits stood at 86%, after forming a local low of $6,147 on December 31, 2022.
Since the start of the new year, strong moves, including nine consecutive daily green closes between January 6 and 14, have lifted the AR higher.
Resistance in the $9.90 zone was tested and rejected three times before breaking and closing above it on Jan. 25.
Edging higher in the following days, the AR was rejected at $12.20 on Feb. 1. The token remains significantly adrift from its pre-FTX price of $17.95.
Despite AR’s strong form since the start of the year, like most altcoins, the token has carried a significant percentage of drawdowns since the November 2021 market peak. At its current price, AR is down 87% from its ATH price of $89.24, reached on November 5, 2021.
What is Arweave?
Arweave is a decentralized permanent storage solution that aims to preserve “humanity’s most important data”.
This use case has support from artists and NFT collectors looking to store their digital art on the network. With Ethereum and Solana being significant NFT chains, Arweave has built integrations with these chains to include NFT processes, including marketplace integration for NFT trading.
[ad_2]
Source link