By James Davis
AVAX Price Pump
Over the last seven days, AVAX has seen its price grow by 13.9% as interest in social app States Arena continues to increase. The app is built on the Avalanche blockchain to rival Friend.tech, another social app launched a few weeks ago on Coinbase’s Base.
As of this writing, AVAX is trading at $10.46, according to data from CoinGecko. The latest price pump makes the token the best-performing among the top 20 cryptocurrencies. By comparison, Bitcoin is up 3.5% to $27,961 this week, while Ethereum is down 2.6% to $1,638.97.
Exploring Stars Arena
Stars Arena debuted in late September. Its developers copied the Friend.tech code. So basically, it is another Friend.tech app living on a Base blockchain. The growing interest in Stars Arena has been evident over the last few days. On Friday, for example, transactions on the social app rose 36% to $219,000 within 24 hours.
Moreover, DappRadar data indicates that the trading volume has increased by 245% to $3.85 million in the past day.
So what are Friend.tech and Stars Arena all about? These are social token-powered platforms that let users build and monetize their online communities. In other words, content creators are allowed to collect money from their fans in exchange for exclusive content and offers.
Moreover, users can buy profile tokens from others. If the prices of these tokens increase, they can then book profits. To purchase a profile token on Stars Arena, you need AVAX in your account. That said, the increased buying activity on the Avalanche explains why AVAX has performed tremendously this week.
Stars Arena Exploited
In less than three weeks of operation, Stars Arena came under cyberattack on Tuesday. According to the social app’s post on X, the hacker made away with $2,000. However, Star Arena said that it had “fixed” the problem.
Meanwhile, Foobar, the pseudonymous developer of wallet security protocol Delegate, is not convinced that the Stars Arena was hacked. While responding to the social app’s X post, the developer alleged that the team behind Stars Arena had added a code to the Friend.tech contract to allow them to withdraw funds. it is still unclear if these allegations are true.