- AVAX’s TVL and market capitalization moved marginally last week.
- The funding rate and volume remained high, which was optimistic.
AVAX Daily’s latest tweet highlighted the dApps that contributed the most to the Avalanche [AVAX] blockchain’s revenue in the last seven days. The top three spots were taken by GMX, AVAX, and STG. AAVE and MUX also made it to the top five.
Highest Revenue dapps on Avalanche last 7 days$GMX @GMX_IO$AVAX #Avax$STG @StargateFinance $AAVE @AaveAave $MCB @muxprotocol @SUSHI @sushiswap$MIM @MIM_Spell $KYBER @KyberNetwork $SYN @SynapseProtocol $TORN @TornadoCash #Avalanche #AVAX $AVAX pic.twitter.com/TZZ07WfZPD
— AVAX Daily ? (@AVAXDaily) May 19, 2023
Read Avalanche’s [AVAX] Price Prediction 2023-24
However, Token Terminal’s data told an entirely different story. As per the statistics, AVAX’s revenue actually registered a decline last week. In fact, the graph has been declining for the last 30 days.
Source: Token Terminal
AVAX’s popularity declined
Not only did AVAX’s revenue decline, but its social metrics also registered downtrends. According to AVAX Daily’s tweet, the token’s social dominance and social mentions plummeted by 2% and 60%, respectively.
?Avalanche Weekly Social Signals?
Most Influential Projects@traderjoe_xyz@BwareLabs@SmartFinanceDex@OfficialApeXdex
Influencers of the Week@Crypto__Diva@ZacharyAtkins77@el33th4xor@CryptoMichNL
Source: @LunarCrush#AVAX $AVAX #Avalanche pic.twitter.com/6uMn9U0jGs
— AVAX Daily ? (@AVAXDaily) May 21, 2023
Well, the past week was pretty slow going because several other metrics did not react much. However, AVAX’s TVL and market capitalization reacted marginally, as evident from the tweet below.
?Avalanche Ecosystem Weekly Highlights?
Price gainers$KALM @KalmyAPP$BETS @BetSwirl$DSLA @Stacktical$ALOT @dexalotcom
TVL gainers$STEADY @steadefi@CIAN_protocol$KINE @KineProtocol@rehold_io#AVAX #Avalanche #DEFI $AVAX pic.twitter.com/JDrIHbtPDg
— AVAX Daily ? (@AVAXDaily) May 21, 2023
Investors aren’t happy
While the key metrics dwindled, AVAX’s price declined by more than 5% in the last seven days.
According to CoinMarketCap, at the time of writing, AVAX was trading at $14.60 with a market capitalization of over $4 billion.
AVAX’s 1-week price volatility registered a slight decline lately, which can restrict its price from going up in the coming days. However, the recent marginal uptrend was accompanied by a hike in volume, which is positive. AVAX’s funding rate was also green, reflecting its demand in the derivatives market.
Source: Santiment
Bulls are buckling up
The market indicators, however, gave hope for better days ahead. For instance, AVAX’s Relative Strength Index (RSI) moved up sharply, which looked bullish.
Moreover, the Money Flow Index (MFI) also bounced up substantially and was headed toward the neutral mark. Another bullish metric was its Chaikin Money Flow (CMF) which also went northward. However, the Exponential Moving Average (EMA) Ribbon remained in the bear’s favor as the 20-day EMA was below the 55-day EMA.
Source: TradingView
Realistic or not, here’s AVAX market cap in BTC terms
A look at Avalanche’s derivatives market
Meanwhile, Coinglass’ data revealed that AVAX’s open interest has declined slightly. This was a piece of positive news as a declining open interest generally signals a trend reversal.
Therefore, in this case, there are chances of AVAX registering gains soon. Which way AVAX’s price heads in the coming weeks will be interesting to watch.
Source: Coinglass
