The number of C-Chain active addresses in Avalanche has plummeted to a 12-month low of 31,000, according to The Block data, matching the level in October 2023, after the network peaked at 99,000 in December 2023, and current user activity is down nearly 70% from its December peak. Analysts said the decline in the number of active addresses could be attributed to a number of factors, including the overall market downturn, increased competition from other Tier 1 and 2 solutions, and a cooling of speculative interest.