Avalanche's blockchain is witnessing a significant increase in activity, primarily fueled by decentralized trading and speculation among large investors, particularly regarding emerging memecoins. Recent data from Nansen revealed a remarkable 66% rise in transactions, totaling 11.9 million in the last week across over 181,000 active addresses. This uptick came after the US Department of Commerce began utilizing Avalanche alongside nine other public blockchains for its GDP reporting, although analysts caution against attributing the surge solely to this announcement. The transaction increase is largely attributed to DeFi activities, with Trader Joe DEX leading in transaction volume. Other contributors include automated trading by bots and speculation from high-balance investors. Over the past week, Trader Joe DEX processed more than $333 million worth of transactions, making it a key player in Avalanche’s performance. In contrast, Solana, a primary competitor, experienced a 6.7% decrease in weekly transactions during the same period, underscoring Avalanche's growing dominance in the decentralized finance space.

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