Despite all the positive announcements this month, Avalanche’s native token AVAX does not appear to have received a favourable response.
On April 7, for instance, the Luna Foundation Guard (LFG) announced its intention to purchase £77.9 million in AVAX tokens from the Avalanche Foundation.
The major developer of the Avalanche blockchain announced on 14 April that it had raised £273 million in new funding at a valuation of £19.5 billion.
In addition, on April 23, the Avalanche Foundation announced a strategic investment in Yeti Finance, its native decentralised borrowing mechanism.
At the time of publication, the market token’s market capitalisation was £15.3 billion. This marks a 24% drop from the market value of £20.2 at the start of the month.
Similarly, the token’s trading volume has been hammered. It fell by a stunning 80% from £1.36 billion at the start of the month to £266 million at the time of writing.
On the pricing front, there has been a month-long bearish trend. The AVAX token was worth £57.4 at the time of publication, a 25% drop from the £76.2 price levels seen at the start of the month, and a 50% drop from the all-time high of £114 seen on December 31, 2020.
In addition, the Money Flow Index (MFI) showed a month-long bearish bias as it steadily sank toward the oversold level. It was 29.55 at the time of writing, with a rising trend. The 39.34 RSI seems to be trending upwards as well. A Descending Triangle observed at the time of writing supported this ostensibly bullish overturn.
The token’s Social Dominance appears to have increased by 3%, according to data from Santiment. It has risen from 0.50671% at the start of the month to 0.532% at the time of writing. The token’s Social Volume was 492. This was a 14% rise from the beginning of the month when it came to Social Volume.
According to time-to-finality, the Avalanche Blockchain is the fastest smart contract platform in the blockchain market. The Blockchain has a transaction processing speed of 4,500 transactions per second, compared to Ethereum’s maximum of 15.