- Avalanche’s network activity witnessed a decline in the last 30 days.
- Though AVAX’s price chart was red, the possibility of a trend reversal was high.
Avalanche [AVAX], like most cryptos, underwent a major price correction over the last few days as the crypto market turned red. Chalk it up to bad timing, but the price plummet took place a week before the blockchain’s upcoming token unlock, which could ring alarm bells for investors.
Realistic or not, here’s AVAX’s market cap in BTC’s terms
Avalanche’s key stats are declining
Notably, Artemis’ data pointed out that Avalanche has been witnessing a decline in its network activity. The blockchain’s daily active addresses also took a southward turn over the last 30 days.
The same trend was seen in its daily transactions until 12 August, after which the graph registered an uptick. The blockchain’s value also plummeted, as evident from the sharp decline in its TVL.
Interestingly, AVAX’s revenue and fees went down, but they did spike on 17 August.
Moreover, AVAX’s price action remained bearish as well. According to CoinMarketCap, AVAX was down by more than 14% in the last seven days. At the time of writing, it was trading at $10.68 with a market capitalization of over $3.6 billion.
Additionally, Token Unlocks’ tweet revealed that AVAX is set to unlock 2.77% in the next eight days, which amounts
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Author: Dipayan Mitra
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