Avalanche Token AVAX witnessed a spike in development activity in the past week. This was accompanied by an increase in their smart contract implementations. The spike in development activity can be attributed to AVAX’s upcoming collaborations which Avalanche may have thought about.

That’s not all, though, as AVAX whales showed their support for the sign too.

Lots in the pipeline

As shown in the chart below, development activity for Avalanche has soared to new heights in recent days. A spike in development activity can be seen as a positive indicator by traders.

In addition, the increase in development activity can be attributed to Avalanche’s future plans to update their technology. The spike was also seen due to upcoming collaborations.

Source: Santiment

But the good news doesn’t stop there for Avalanche. According to the whale statistics update on September 21, the top 500 AVAX whales have consistently purchased the token at an average cost of $29,000 per whale.

This could mean that the AVAX whales believed in the growth of the token and were willing to increase their exposure to the AVAX token.

However, there are also some points to note. In the past month, AVAX’s volume has fallen by 76%. In addition, as shown in the chart below, the altcoin’s market cap has also fallen. Market cap dominance fell 5.29% over the past week.

In addition, AVAX’s dominance on social media was also not seen as too strong. This turn of events came despite the high activity reported in early August.

Source: Santiment

Avalanche of falling prices? Too early to judge

While AVAX has not been able to make its mark in the social media landscape, the increasing number of collaborations can be seen as positive. Avalanche is expected to collaborate with KKR & co in an effort to symbolize exposure for investors interested in the investment firm.

Furthermore, Avalanche has a new update, which will include new improvements to their validator protocol. Along with these technological developments, AVAX saw a huge spike in the number of smart contracts being sold deployed on their platform. At the time of writing, there were more than 1.8 million unique contract deployments on the network. This can be seen as a reaffirmation of the idea that the team was constantly building their technology.

As of going to press, AVAX was trading at $17.92 with a 6.5% gain in the last 24 hours. Despite AVAX’s volatility, given the nature of the developments, the token could have a positive long-term future.

Short-term and long-term investors may also want to pay attention to: Avalanche’s recent security upgrades launched.

This post An ‘avalanche’ of collaborations can work in favor of AVAX’s price, here’s how

was published first on https://ambcrypto.com/an-avalanche-of-collaborations-may-act-in-favor-of-avaxs-price-heres-how/


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