Avalanche declines by 16% as the crypto market meltdown continues with other tokens as its competitor, receiving double-digit losses in the past day so let’s read more today in our latest Altcoin news.
The “Ethereum killer” dropped to more than 16% after the market meltdown last week. Avalanche declines by 16% and took with it a few of the other smaller-cap altcoins, so it is now trading at $27.94. AVAX is leading the bearish action that placed the token down by 80% compared to the ATH which was recorded in November 2021, at $146. The downward trend is triggered by the slow growth of DEFI projects hedged on Avalanche so Ethereum is said to be slow and quite expensive in pricing but it paved the way for its creation which is fast, affordable, and eco-friendly.
Avalanche was created by Ava Labs and was co-founded by Maofan Ted Yin, Emin Gun Sirer, and Kevin Sekniqi. The ETH-killer Avalanche is a blockchain that combines the speed in confirmation times and scaling capabilities using the avalanche Consensus Protocol that is able to process over 4500 transactions per second. Avalanche went live in September 2020 and was considered one of hte biggest reputable blockchain giants. It has a TVL of $11 billion and is ranked the fourth biggest DEFI-based blockchain after Terra and Binance smart Chain.
Avalanche derived some protocols from ETH that you can experience in their DEFI ecosystem like SushiSwap and AAVe. The TVL of the protocols on the Avalanche blockchain is down by 8.57% in the past day or at $4.74 billion which is low compared to the TVL back in December 2021, at $13.7 billion. TraderJoe considered the biggest exchange on avalanche dropped to 12.84% and the liquditiy also dropped from $982 million to $577 million in a month. The total active wallets found on the network escalated to over 2.8 million which is a new high but despite the increase in active wallets, the token was bearish.
To make things worse, Avalanche’s total transaction count dropped to 358,474 from 800,000 a week ago and the numbers crashed especially if you compare to figures to its ATH which registered a 1.1 million daily on January 27, 2022.
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