Tuesday, November 29, 2022

Avalanche Slides By Double-Digits As Market Meltdown Continues

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Avalanche slides by double-digits as the market meltdown continues and most coins are in the red once again so let’s have a closer look at today’s altcoin news.

The ETH competitor Avalanche slides by double-digits or by 16% amid the market’s ongoing crash. A few tokens backing the ETH killers posted double-digit losses over the past day and Avalanche led the bearish action. AVAX is the native token of the smart contracts platform led by former Cornell professor Emin Gun Sirer and it dropped by 16% in value over the past 24 hours and it is now trading at $27.94.

AVAX is the 13th biggest crypto with a market cap of $7.6 billion and today’s bearish action puts the token 80% down from the high of $146 a part of this drop could be attributed to a slowed growth on multiple DEFI projects that are built on Avalanche. The total value locked on the DEFI protocols on the Avalanche blockchain stands at $4.74 billion down 8.57% in the past 24 hours and the TVL hit an ATH high of $13.7 billion back in 2021. in purely AVAX terms, the drop was significant with the data indicating a dip of 7.5%.

avalanche TVL
Avalanche TVL measured in AVAX. Source DeFi Llama.

TraderJoe, the biggest decentralized exchange on the network dropped 12.84% of the users in the past week, the liquidity on exchanges slipped and dropped to $577 million from $982 million in less than a month. Despite the growth in the number of wallets on the Avalanche network, the token ended up in a bearish action. The active wallets on the Avalanche network reached 2.8 million a day ago and hit a new high as per the data from SnowTrace. The total transactions on the network halved from 800,000 last week to 358,474 a day ago. The transactions hit a new high of 1.1 million per day recorded in January.

Other layer-1 one coins dropped as well. DOT is down 8% in the past day, SOL by 9.7%, CEO is also down by 10%, Kadena by 18%, Fantom by 9.6%, and NEAR by 12%. Bitcoin is down 3.3% over the past day and now trades at around $28,900 while ETH is down by 5.4% in the same timespan.

As earlier reported, Wu believes that Avalanche is the killer app for NFT games while most of the current NFT market now lives on Ethereum and the sidechains as well as scaling solutions, a slight chunk also on Solana but in the recent months, there were plenty of developers building on Avalanche. Over the past 30 days, the Avalanche play to earn game Crabada overtook the struggling ETH-based Axie Infinity in terms of trading volume and racked up $225 million worth to date which made it the highest-grossing NFT project on Avalanche.

 

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