Avalanche AVAX price drops to 2-year low despite high profile partnerships


18 Sep 2023 11:30 AM

Avalanche's AVAX token has fallen to its lowest point since January 2021, according to CryptoSlate's data....

  • Avalanche's native token, AVAX, has dropped below $10 for the first time since January 2021.
  • AVAX has seen a 1.3% decline in the last 24 hours, resulting in a 14.5% decrease in value over the past month and a 50.5% loss over the past year.
  • The drop in AVAX's value is attributed to decreased network activity within the Avalanche ecosystem, with the total value locked (TVL) in Avalanche dropping significantly.
  • The decline in TVL reflects a diminishing activity on the Avalanche network, with a decrease in active users, inflows, trading volume, and fees generated.
  • AVAX has also faced selling pressure due to scheduled unlocking, with a large amount of tokens being released into the market.
  • Despite the falling price, Avalanche's ecosystem continues to attract new development, with partnerships with Alibaba Cloud, Amazon Web Services (AWS), and the launch of Euro Coin stablecoin by Circle.

The sentiment in the article is mostly negative, highlighting the decline in AVAX's value and network activity. However, there is a positive note regarding the continued development and partnerships within the Avalanche ecosystem.

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You May Ask

Why did AVAX's value drop?What is the total value locked (TVL) in Avalanche and how has it changed?How has network activity on the Avalanche network decreased?What is the impact of the scheduled unlocking of AVAX tokens?What recent developments and partnerships has Avalanche attracted?

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