On September 11, Avalanche [AVAX] saw some important announcements and events, such as: open seathe largest peer-to-peer marketplace for NFTs on Ethereum launched on the Avalanche proof-of-stake blockchain.

Twinan exchange of digital assets and custodian, also had announced support for AVAX trade on the stock exchange. However, Avalanche’s third quarter report indicated that the network hadn’t had a good run.

It was discovered that the asset’s network did not perform particularly well in the third quarter of 2022, which was one of the reasons why this quarter was not considered very favorable.

The value of the Avalanche network showed a modest increase of 3.3%. A 65.5% decrease in daily transactions and a 76.2% decrease in transaction costs led to a 94.1% decrease in total revenue.

Statistics Indicating Decrease

When the daily transaction value was examined, it was found that the total number of transactions taking place on the network had decreased.

According to the data, the number of daily transactions had dropped significantly from the 934,030 observed in May to 145,518, which appeared to be the new volume range on the network. This was indicative of less network usage.

Source: SNOWTRACE

It seemed as if the number of daily active addresses was a dive also.

The number of active addresses was over 113,000 in May, but by June it had fallen to just over 30,000. This indicates that less business was done over the network.

The unique addresses statistic, on the other hand, was positive, showing an upward trend, reaching more than three million addresses.

Source: SNOWTRACE

Meanwhile, the development activity indicator showed a downward trend, and the value of 8.45 indicated that there was little activity even from the chain itself.

Source: Santiment

At the time of writing, the Total Value Locked (TVL), according to DefiLlama, was valued at $1.55 billion, with a 0.25% loss in the past 24 hours.

AVAX in red

A check on how AVAX’s price had fluctuated in recent months revealed that it is following a pattern consistent with a downtrend.

Last May, it was over $70, but at the time of writing, it had fallen to $16.8. According to the price range, this decrease was greater than 79%.

There was resistance between $27.5 and $30.9, and the 200 (blue) and 50 (yellow) moving averages also acted as resistance levels.

In addition, the Relative Strength Index line was in the direction of the oversold zone. This confirms the bearish trend indicated by the MAs.

Source: TradingView

By the end of August, a prominent whistleblower known only as “Crypto Leaks” claimed that Ava Labs and the law firm Roche Freedman had struck a deal in which Roche Freedman would collect confidential information about competitors and make them the target of class action lawsuits in exchange for significant amounts of AVAX tokens and common stock of Ava Labs.

Although they both denied it, the crypto community was not happy with the allegations. This heavy allegation may have contributed to the network’s decline in this quarter.





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