Hexagon has launched a new extension to protect Avalanche users from various threats
However, according to statistics, the past week has been full of problems for AVAX

The network security of Avalanche [AVAX] got a notch up a notch with a new partnership with Hexagate, which was announced on Dec. 12. With the new extension, Hexagate helps Avalanche users protect their Web3 transactions from fraud and various threats.

Read Avalanche [AVAX] Price prediction 2023-2024

Before consumers sign transactions, the browser extension examines them to look for financial and cybersecurity issues, including phishing, front-end hacking, market manipulation, etc. The new browser extension will be compatible with Core, Metamask, Coinbase Wallet, WalletConnect, and more.

Here are the weekly stats

AVAX Daily, a popular Twitter handle that posts updates on the Avalanche ecosystem, recently published the network’s weekly statistics. The tweet revealed that the transaction volume of the Avalanche ecosystem was about two million transactions per day as of Dec. 12.

Despite these developments, the price of AVAX is down 5% over the past week. At the time of writing, Avalanche was trading at $12.81 with a market cap of over $3.9 billion.

A difficult week for Avalanche

Despite AVAX’s 5% price drop, the DeFi space experienced significant growth. Data from DeFiLlama showed that Avalanche’s total value locked (TVL) peaked on Dec. 12, and at the time of writing, the value was $2 billion.

However, Santiment’s chart shed some light on what might have gone wrong over the past week. Despite new partnerships and integrations, Avalanche’s development activity declined sharply. This was a negative signal.

AVAXBinance’s funding rate was also relatively lower, due to less interest from the derivatives market. Not only that, but also AVAX’s social mentions also took a hit last week, dropping 42%, indicating less popularity for the network.

Source: Sentiment

Avalanche’s NFT space also failed to show promising growth, as after peaking on Dec. 6, the network’s total number of NFT trading declined. This also applied to USD NFT trading volume, suggesting that AVAXThe NFT space has gained little traction over the past week.

Source: Sentiment

This post Is Avalanche’s performance on this front due to the bearish price action?

was published first on https://ambcrypto.com/avalanche-performance-on-this-front-is-to-blame-for-its-bearish-price-action/


Write A Comment