title: Avalanche (AVAX) Non-Fungible Token (NFT) Sales Volume Surges 200,000% as XSY Deposit Collection Makes a Splash

XSY is the company behind the algorithmic stablecoin project Unity (UTY), which received a $5 million Pre-Series A funding.

Avalanche (AVAX) is seeing an impressive rise in its non-fungible token sales volume, mainly coming from a collection called XSY Deposit.

XSY is the company behind the algorithmic stablecoin project Unity (UTY), which recently received $5 million in Pre-Series A funding. The project aims to introduce a new generation of stablecoins designed for optimal user experience and broad adoption potential.

The XSY deposit fund movements are recorded as NFT sales on the Avalanche network. According to CryptoSlam data, the collection saw $22.17 million in sales over the past 24 hours, marking a nearly 200,000% rally. At the time of writing, the collection’s sales had decreased to $60,000.

However, it’s still unclear why XSY’s transactions are being recorded as NFT sales. The lack of public information from the project regarding the XSY Deposit collection also highlights its limited transparency.

Moreover, the sharp rise and fall in the collection’s sales volume suggest potential market manipulation or speculative trading activity.

The massive rise helped the Avalanche network to take the top spot with $22.18 million in trading volume — it surpassed major blockchains like Ethereum (ETH), Polygon (MATIC), Bitcoin (BTC) and Solana (SOL), to name a few.

At the time of writing, the second-largest blockchain in terms of NFT trading volume is Ethereum, with $10.6 million. The network’s top NFT collection was the Bored Ape Yacht Club, which generated $676,396.

Meanwhile, Bitcoin saw a 27% increase in its NFT sales, reaching $2.9 million. The token is up 1.6% and is trading at $21.65. Key indicators suggest a strong possibility of a bull run for the asset. However, it should be noted that market volatility and sentiment can impact an asset’s price movements.

This brings the total NFT sales to $37.14 million — a level last seen in mid-December 2024.

Similar spikes in NFT sales have been recorded with different projects, like the Pudgy Penguins’ $1.28 million sale in late April. However, the leading collections in the ecosystem have been showing massive declines.

The once-popular collection CryptoPunks, for instance, recorded only one NFT sale, worth $134,080, in the past 24 hours. Ethereum’s NFT trading volume decreased by 15% to $3.3 million.