Avalanche Revenue Nosedives Over 40% In Q2 – Impact On AVAX Price
16 Setembro 2024 - 3:00PM
NEWSBTC
Avalanche (AVAX) has had a terrible Q2 2024 by several standards,
going by a significant decline in market capitalization coupled
with low revenue generation. Related Reading: Toncoin (TON) Climbs
20% – Here’s What’s Pushing The Price Up Messari’s recent report
indicated that AVAX faced a fierce correction after two quarters of
growth on the trot. Market capitalization dipped by 40% within the
last quarter to stand at $11.6 billion. Well, despite this slump,
the ecosystem is still sound as AVAX still has a market cap of $4.5
billion — that’s a 157% surge compared to the same period in 2023.
State of @avax Q2 Key Update: Several partnerships announced,
notable ones include @stripe, @homium, and @konami. QoQ Metrics 📊 –
Staked AVAX ⬆️ 6% – DeFi TVL (AVAX) ⬆️ 11% – Stables ⬆️ 13% Read
the full report 🔗https://t.co/7xsKIj1ml3 pic.twitter.com/0dSZnfXOVE
— Messari (@MessariCrypto) September 13, 2024 Price Forecast Shines
Through The Dip The slump is paining the larger ecosystem, but the
future of AVAX seems brighter. In fact, the price forecast of the
token will shine hope for investors. AVAX is seen going up 70.68%
over the next three months, showing a bounce from the recent
prices, analysis from CoinCheckup shows. This bullish sentiment is
bolstered by long-term projections that suggest a 166% growth over
the next year. It seems AVAX is poised for recovery, making it an
intriguing asset for traders keeping an eye on the market. Revenue
Plunge And On-Chain Activity Revenue for the Avalanche ecosystem
was another source of worry, as its value went down from 176,700
AVAX in Q2 2024 to 96,200 AVAX during the same period. In dollar
terms, that translated into $7.5 million going down to $3.5
million. Pullback is due to slowed activity across different
on-chain platforms. However, some analysts believe that a renewed
interest in on-chain-based transactions could help revive revenue
growth in the short term. Despite these drops, staking remains
robust within the Avalanche ecosystem. There is a 6% increase in
the number of staked AVAX tokens due to new measures to boost
staking. Staking rewards continue to attract new investors despite
a fall in active validator count by 7%. This reflects some unease
among validators amidst these market conditions. Network Stability
Average transaction counts remain mixed. With approximately 11,262
transactions and an average block time of 1.61 seconds, Avalanche
is showing stability. More than 2% of the total coins have been
sent from the Elliptic Curve Digital Signature Algorithm wallet.
Despite the recorded drops, new initiatives are expected to boost
staking and future coin balances. Related Reading: The Sandbox
(SAND) Sets Sights On 1,111% Growth Amid Crypto Market Pressures
Interestingly, where the network had an average transaction that
depreciated by 57% from 495,000 to 201,500, some protocols on
Avalanche refused to abide by this trend. Tether (USDT) and GMX
increased transaction volumes, which indicated specific sectors in
the system are doing well despite this broad slowdown for the
crypto market. Since AVAX is preparing for a potential rebound from
the market, its investors may be able to see renewed interest in
the asset in case such forecasted growth in price comes true. The
partial recovery in the transaction volumes for selected protocols
also suggests something more is being involved under the surface–a
sign that Avalanche might pick up fast once the crypto market picks
up. For now, investors are keen enough to observe how AVAX acts in
the short and medium terms. Featured image from Durango.com, chart
from TradingView
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