Bitcoin

Why Has Avalanche’s (AVAX) Price Tanked to a Six-Month Low?

2 Mins read


The AVAX native token for the layer-1 blockchain Avalanche is in severe pain this weekend, slumping more than 10% at one point in a fall to its lowest level since December 2023.

Over the past 24 hours, the token has crashed from $27.87 to an intraday and six-month low of $24.92, according to CoinGecko.

Moreover, the asset has dropped a whopping 37% over the past month as altcoins continue to get crushed in the crypto market pullback.

What Has Caused the AVAX Avalanche?

“What’s going on there?” asked ‘Crypto Mechanic’ in a post on X on June 22, before adding it is “the first high cap coin that broke the [yearly] low, I think.”

“AVAX hype is so far gone this cycle… It looks like nothing will save it from becoming Cardano 2.0,” commented ‘The Crypto Monk.’

Meanwhile, the head of research at Uphold, Dr Martin Hiesboeck, said, “the price of AVAX going downhill like an avalanche makes no sense.”

“Nobody comparable has this growth momentum,” he said in reference to Avalanche volumes. Additionally, major game developer Konami is reportedly launching an NFT platform called Resella, built on the Avalanche blockchain.

According to blockchain sleuth ‘ZachXBT,’ a whale has been moving large amounts of the asset to centralized exchanges. The entity started transferring 1.96 million AVAX worth around $54.2 million to Coinbase, Binance, Gate, and bridging via THORChain, he said in an investigations post on Telegram on June 22.

The massive move has resulted in AVAX’s market cap falling below $10 billion and its ranking dropping to fourteenth, below Shiba Inu (SHIB) and Tron (TRX), according to CoinGecko.

Avalanche has been the center of crypto hype this year for real-world asset (RWA) tokenization narratives and several major partnerships.

The asset tapped $60 in the mid-March market rally, but it remains down 83% from its November 2021 all-time high of $145.

Other Altcoins in Pain

Altcoins continue to bleed out as crypto markets keep correcting. Total capitalization has fallen 15% from its 2024 high and is currently down 20% from its 2021 all-time high.

Altcoins are taking the brunt of this pain at the moment, with Cardano (ADA), Chainlink (LINK), Near Protocol (NEAR), Polygon (MATIC), and Fetch.ai (FET) falling deeper into the red this weekend.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



Source link

Related posts
Bitcoin

Vitalik Buterin Warns Against Political Support Based on Crypto Stance

1 Mins read
Ethereum co-founder Vitalik Buterin advised against basing political support solely on a candidate’s pro-crypto stance. He emphasized the importance of broader values…
Bitcoin

Polygon Announces Production Readiness of Its Plonky3 ZK Proving Technology

1 Mins read
Polygon revealed that its new zero-knowledge (ZK) proving system, Plonky3, is ready for use. The company revealed that the open-source software is…
Bitcoin

Hare-Raising Profits: MOONHOP Presale’s 100x Gains Potential Blow Away Top Meme Coins Shiba Inu & PEPEExplore the latest meme coins market news about MOONHOP presale potential of 100x gains, Shiba Inu marketplace & PEPE price surge.

3 Mins read
Everyone in the meme coins market is buzzing over a certain bunny known as MOONHOP. Why? Because when this rabbit hops, it…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *