Connect with us
Active Currencies 14909
Market Cap $2,252,616,685,709.10
Bitcoin Share 50.69%
24h Market Cap Change $1.30

AVAX down 30% in 30 days – These are the reasons

2min Read

The low demand for the Avalanche C-Chain has led to a significant decline in AVAX’s value. 

AVAX drops 30% in 30 days: What's behind the decline?

Share this article

  • AVAX’s price has declined by 30% in the past 30 days.
  • This has been due to low user activity on the Avalanche C-Chain network.

Avalanche [AVAX] has witnessed a 30% decline in its value in the last month, according to data from CoinMarketCap

Source: CoinMarketCap

An on-chain assessment of the proof-of-stake- blockchain network revealed that the decline in AVAX’s value was due to the decline in user activity on its C-Chain. 

Although Avalanche is made up of the P, X, and C-Chains, the C-Chain is considered to be the most important chain in the network because it is the one that allows users to create and interact with decentralized applications (dApps).

Avalanche C-Chain sees a decline

Data from Artemis showed that Avalanche C-Chain has witnessed a significant decline in demand in the last month.

For example, the daily count of unique wallet addresses sending on-chain transactions on the chain has plunged by over 45% in the last 30 days.

Due to the drop in its number of users, the count of transactions recorded on the C-Chain in the last month has plummeted.

With only 266,820 transactions completed on the network during that period, it has seen a 95% drop in daily transaction count. 

A natural consequence of low user activity on a network is a corresponding decrease in fees recorded.

AMBCrypto found that during the period under review, fees paid to complete transactions on Avalanche C-Chain have totaled $39,000, dropping by 97%.

For context, on the 22nd of December 2023, the chain recorded transaction fees totaling $1.25 million. As of the 19th of January 2024, it closed the day with a total of $39,000 recorded in fees.

Revenue derived from these fees has suffered a similar decline. In the last month, this has also dwindled by over 95%. 

Source: Artemis

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

Regarding the network’s decentralized finance (DeFi) vertical, the low user count has led to a 16% dip in its total value locked (TVL).

Also, the total volume of transactions completed through the decentralized exchanges (DEXes) housed on the blockchain network has fallen by 53% in the last month. 


Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.