Connect with us


Could Avalanche [AVAX] witness a drop this week? These metrics suggest…  



Could Avalanche [AVAX] witness a drop this week? These metrics suggest...  
Source: StockAI

  • Investors had a good time last week as Avalanche rallied by over 35%.
  • AVAX received interest from the derivatives market but the rest of the metrics were negative.

Avalanche [AVAX] recently uploaded its weekly report highlighting the most notable stats for the last seven days. AVAX’s TVL went up by over 4% during the last week and reached $842.7 million. 

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

Wonderland, SWAPSICLE, RiskHarbon, and PinkSale were the top TVL gainers last week. However, though the TVL and market capitalization registered upticks, AVAX’s active addresses and transaction count declined by over 9% and 27%, respectively.

AVAX Daily also revealed the weekly stats for Avalanche’s C-chain. According to the data, gas consumption increased, but total transactions decreased by 33%.

A promising week for Avalanche

Apart from this, Avalanche announced another major update. The blockchain has officially confirmed that it would support the stablecoin USP created by Platypus DeFi. The stablecoin rollout will increase the Avalanche network’s offerings, which will probably increase demand for AVAX in the coming months.

Last week was also optimistic for AVAX on the price front, as its price went up substantially. As per CoinMarketCap, AVAX registered more than 35% weekly gains, and at the time of writing, it was trading at $16.88 with a market capitalization of over $5.2 billion.

Realistic or not, here’s AVAX’s market cap in BTC’s terms

Metrics at play

While AVAX’s price action gave investors hope for better days ahead, a few of the metrics did not support that possibility. AVAX’s development activity decreased in the last week, which was a negative sign because it reflects fewer efforts from developers to improve the blockchain.

AVAX’s popularity also decreased as its social volume went down over the last week. However, AVAX remained in demand in the futures market, as its Binance and DyDx Funding Rates remained relatively high. 

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.