avalanches [AVAX] Twitter handle in charge of sharing news around the ecosystem posted a tweet on Nov. 6 sharing its weekly subnet report. The report shared by AVAX Daily spilled some notable updates witnessed by the blockchain.
According to the tweet, Avalanche’s total number of subnets was 36 and the total number of validators was 1,219. Furthermore, there has been no significant change in the number of transactions last week in the DFK chain, the Swimmer Network or the C-Chain. However, despite there being no change, the number of transactions can still be considered high.
Avalanche Subnet Weekly Statistics
Total number of subnets: 36
Total number of blockchains: 28
Total number of validators: 1219
Total Bet Amount: 259,336,464 AVAXOverview🧵👇#AVAX #Avalanche $AVAX pic.twitter.com/Qh7TPePzxk
— AVAX Daily 🔺 (@AVAXDaily) Nov 6, 2022
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Here are AMBCryptos Price prediction for avalanche [AVAX] for 2023-24
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Furthermore, AVAX Daily also posted a tweet pointing out that the Avalanche network was better than Ethereum [ETH] in several aspects. For example, Avalanche was 20% cheaper to send and receive tokens compared to Ethereum. In addition, transactions on the Avalanche network were 70% faster. In addition, the average daily gas cost for ETH was 20 times higher than Avalanche’s at the time of writing.
Avalanche vs Ethereum Stats Comparison
Avalanche is known as an Ethereum killer. With the recent updates of these two ecosystems, let’s get to the comparison.
This will cover:
– Comparison of utilities
– Overview of the chainDive in#AVAX $AVAX $ETH pic.twitter.com/jy2RixWRvv
— AVAX Daily 🔺 (@AVAXDaily) Nov 6, 2022
So all the information looked promising for AVAX, as it represented the pure capacity of the network. However, things didn’t go in AVAX’s favor in terms of price action. AVAX is down 5% in the last 24 hours. According to CoinMarketCapat the time of writing, AVAX was trading at $18.42 with a market cap of over $5.5 billion.
The troubles are just around the corner
Data from analytical platform Santiment revealed things could get worse for AVAX investors as most on-chain metrics suggested a price drop in the coming days. Despite several partnerships and integrations, nothing seemed to have worked for AVAX.
Flagged update from @valancheavax on Sunday!$AVAX #AVAX #Avaxholicnews pic.twitter.com/q3X5gpJ17w
— Avaxholic 🔺 (@avaxholic) Nov 6, 2022
AVAX development activity also witnessed a significant decline, which was not a positive sign for the blockchain. The development activity represented a smaller effort by the developers to improve the network. AVAX‘s popularity also seemed to have been tarnished. Social volume and weighted sentiment declined over the past week.
Source: Santiment
Something to ease the pain
While the statistics were against the possibility of a price increase, AVAX’s market indicators provided some relief. The Exponential Moving Average (EMA) ribbon showed a bullish crossover as the 20-day EMA flipped the 55-day EMA. This increases the chance of another bull run.
The Relative Strength Index (RSI), after falling, marked a slight gain and moved further away from the neutral mark. This can be considered a bullish signal. Moreover, although AVAXChaikin’s Money Flow (CMF) was well below the neutral mark and has recently registered an uptick. This increases the chance of a trend reversal.
Nevertheless, the reading of the Moving Average Convergence Divergence (MACD) showed that things can turn in favor of the bears. This was because the possibility of a bearish crossover in the coming days seemed plausible.
Source: TradingView
This post These Avalanche Updates May Make Investors Happy, But AVAX Might Not
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