Avalanche is on the cusp of a token unlock, but things seem bleak as its price declined heavily in recent days. However, a few metrics did turn bullish.
Though AVAX’s price chart was red, the possibility of a trend reversal was high., 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.Notably, Artemis’ data pointed out that Avalanche has been witnessing a decline in its network activity.
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.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 to a staggering $102 million. Generally, when circulating supply increases, the value of the asset registers a decline. However, this was not the case with AVAX.Looking back at the price impact of the last 5 unlocks from 14 months ago, we observed that the
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Halifax's Matthew Stienburg signs two-year contract with Colorado AvalancheMatthew Stienburg signed his first NHL contract on Friday. The 22-year-old forward from Halifax inked a two-year entry-level deal with the Colorado ...
Read more »
What to expect as Avalanche retests June lowsAVAX's recovery could be delayed after hitting a potential hurdle amidst a weak BTC.
Read more »
Elon Musk, Bitcoin, and the possibility of volatilityThe crypto market turned red after SpaceX sold BTC worth millions of dollars. However, BTC was showing signs of recovery.
Read more »
‘I’ve lived every parent’s worst nightmare’: The need for booster seat services in ManitobaWhen it comes to car seats, proper installation could mean the difference between life and death for your child. However, installing them can be difficult.
Read more »
Brazil’s Balanced Budget Dream Is Running Into Revenue RealityBrazil Finance Minister Fernando Haddad has continued his public push for revenue-increasing measures that will help balance the country’s budget in 2024. Privately, however, his team is starting to acknowledge that he may break his promises and run a deficit next year.
Read more »