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Avalanche: Can this P-Chain update save AVAX from the bears? 

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Avalanche: Can this P-Chain update save AVAX from the bears? 
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  • AVAX launched a new explorer for its P-chain, adding new features and capabilities.
  • AVAX’s price action and on-chain metrics were bearish.

Avalanche [AVAX] made a major announcement that increased the offerings and capabilities of the blockchain. For Avalanche’s P-Chain, Ava Labs has introduced a new explorer that offers deeper visibility into all P-Chain activity, from staking to granular transaction details. 

Read Avalanche’s [AVAX] Price Prediction 2023-24

What’s new on the table for AVAX? 

Anyone can view comprehensive on-chain statistics on Avalanche‘s validators, delegator transactions, staking, reward distribution, subnet constructions, and more with the new P-Chain Explorer. An added benefit of the new explorer is that it is public, allowing anyone to better understand the network’s power.

Apart from the P-Chain development, AVAX Daily also revealed the network’s statistics for its C-Chain. According to the weekly stats, the C-Chain’s translations exceeded 11.8 million on 30 January, which was an increase of 21%. Moreover, staking reward also registered an uptick by 8.5%. 

How much are 1,10,100 AVAXs worth today?

But there are concerns on this front 

However, these updates did not reflect AVAX’s price, as according to CoinMarketCap, it registered a decline of over 4% in the last 24 hours. At press time, the token was trading at $19.72, with a market capitalization of over $6.1 billion.

Avalanche’s total value locked (TVL) had been increasing since the beginning of this year, but in the last few days, it also registered a decline. AVAX’s demand in the futures market declined over the last week as its DyDx and Binance funding rates went down.

The development activity also showed a similar decline on 30 January 2023.

Source: Santiment

Nonetheless, AVAX’s social volume remained up consistently, reflecting its popularity in the crypto community. AVAX’s NFT space registered growth during the last week. Moreover, Santiment’s chart revealed that AVAX’s total NFT trade counts and NFT trade volume in USD increased. 

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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