- Avalanche witnessed growth in terms of number of stakers, but TVL declined sharply.
- AVAX’s price declined by more than 2% in the last 24 hours.
AVAX Daily recently posted Avalanche’s [AVAX] weekly subnet status, which highlighted an interesting development. As per the report, Avalanche’s daily active users increased considerably over the last few days. However, apart from active addresses, the token’s key metrics seemed to have declined.
Read Avalanche’s [AVAX] Price Prediction 2023-24
A look at Avalanche’s subnet stats
As per the tweet, a sharp rise was seen in AVAX’s daily active addresses, which is positive as it indicates increased adoption of the blockchain. Additionally, the total number of Avalanche subnets reached 59, while the number of validators stood at 1281.
In the last seven days, the token also processed over 14 million transactions. Thanks to the transactions, Avalanche’s gas usage last week reached 6.39 trillion.
Avalanche Subnet Weekly Stats
Total Subnets: 59
Total Blockchains: 45
Total Validators: 1281
Total Stake Amount: 249.09M AVAXOverview🧵👇#AVAX #Avalanche $AVAX pic.twitter.com/FioxzZAGpz
— AVAX Daily 🔺 (@AVAXDaily) May 18, 2023
AVAX staking on the rise
Not only in terms of daily active addresses, staking also noted growth. At the time of writing, AVAX’s staking market capitalization stood at $3,735,172,558, with a staking ratio of 59%, as per Staking Rewards.
Source: Staking Rewards
However, not everything was perfect, as Avalanche witnessed a decline in quite a few areas as well. For instance, Artemis’ chart pointed out that AVAX’s TVL declined sharply over the last month.
A decline in TVL means that the overall value of crypto assets deposited in DeFi protocols has sunk. A similar trend of decline was also noted in terms of Avalanche’s DEX volume.
Source: Artemis
On-chain performance remained decent
Though TVL and DEX volumes declined, Avalanche’s development activity increased sharply. This was a result of the Avalanche X-Chain Explorer, which allows users to analyze all X-Chain activities, including transactions, assets, UTXOs, blocks, and more.
Introducing the new Avalanche X-Chain Explorer!
This major upgrade lets you analyze all X-Chain activities, including transactions, assets, UTXOs, blocks, and more.https://t.co/DSonrBNu8f pic.twitter.com/Dbr5bdqClN
— Avalanche 🔺 (@avax) May 18, 2023
Apart from development activity, AVAX’s Binance funding rate was relatively high, reflecting its demand in the derivatives market. AVAX’s weighted sentiment also improved considerably over the last week.
Source: Santiment
Avalanche’s price action was troublesome
As per CoinMarketCap, AVAX’s price has declined marginally over the last week. However, in the last 24 hours alone, AVAX’s price went down by more than 2%. At press time, it was trading at $14.68, with a market capitalization of over $4.8 billion.
However, a look at AVAX’s daily chart pointed out quite a few bearish indicators.
Realistic or not, here’s AVAX market cap in BTC’s terms
The Exponential Moving Average (EMA) Ribbon revealed that the 20-day EMA was below the 55-day EMA. The Chaikin Money Flow (CMF) followed a sideways path. AVAX’s Relative Strength Index (RSI) was also substantially low, which looked bearish.
Nonetheless, Avalanche’s MACD displayed the possibility of a bullish crossover, which could turn things in AVAX’s favor in the near term.
Source: TradingView
