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

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

 

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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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