Avalanche has experienced a surge in activity due to increased demand for NFTs and usage of dApps, but the price of AVAX has declined and volatility has risen. The network has been steadily progressing towards one million monthly active users, and the rising activity suggests a growing user base. The demand for NFTs on the Avalanche network has increased, but interest in certain blue-chip NFTs has declined. The expansion of DeFi decentralized applications on Avalanche has also contributed to the increased activity. Despite the heightened activity, Avalanche has experienced a decline in revenue over the past month. However, new collaborations with Circle could improve the state of the token and attract new users to the protocol.