Arweave has surged 9% over the past 24 hours to $11.52, hitting a 12-week high.
With prices soaring, Arweave co-founder and CEO Sam Williams tweeted that the chain posted its highest number of monthly transactions in January.
The tweet included a chart showing the number of transactions surpassed 58.2 million last month. Williams said this was an 80% increase from the previous month and 21% higher than during the “peak of the NFT bull market.”
Since a June 2022 low of around 12 million transactions, the number of transactions has increased exponentially, with January seeing an almost vertical increase in transaction numbers.
When asked what was behind the leap in activity, Williams While he’s not entirely sure, he believes it could be due to a “new significant user” joining the ecosystem around January 14th.
“I can’t say for 100% certainty, but it looks like we have a new and important user online.
A. From an Arweave signing wallet (not SOL/ETH which NFT uploaders commonly use)
B. Using Bundles
C. Start by January 14th
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AR on the Roll
Arweave is up 86% year-to-date, forming a local bottom at $6.147 on Dec 31, 2022.
Since the start of the new year, the AR has risen due to a strong run, including nine consecutive daily green closes from January 6th to 14th.
The resistance at the $9.90 zone was tested and rejected three times before breaking through and closing that level on January 25th.
It moved up over the next few days and the AR was rejected at $12.20 on February 1st. The token remains well away from its pre-FTX price of $17.95.
AR, like most altcoins, has had a strong start to the year, but has experienced a sizeable drawdown since its November 2021 market high. At current prices, the AR is down 87% from the ATH price of $89.24 reached on November 5, 2021.
What is Alweave?
arweave A decentralized, persistent storage solution intended to store “mankind’s most important data.”
This use case is favored by NFT artists and collectors looking to store digital art on the network. With Ethereum and Solana being important NFT chains, Arweave integration We will use these chains to incorporate NFT processes, including market integration for NFT trading.
