The number of active addresses on the Avalanche C-Chain has dropped to its lowest in 12 months

According to data from The Block, the number of active addresses on Avalanche's C-Chain has plummeted to a 12-month low of 31,000, equivalent to the level in October 2023. Previously in December 2023, the peak number of active addresses on this network had reached 99,000. Current user activity is nearly 70% lower than the highest point in December. Analysts suggest that the decline in active address numbers could be attributed to various factors including overall market downturns, intensified competition from other Layer-1 and Layer-2 solutions, and cooling speculative interest.