Avalanche (AVAX): Why Notable NFT Performance Might Do Nothing for the Alt
Avalanche (similar to Solana and Cardano) saw stable growth alongside surged interest within the NFT marketplace. Messari’s November 5 tweet indicated that Avalanche recorded an impressive performance on the NFT front during the third quarter.
Moreover, Messari indicated that Avalanche’s non-fungible token sales surged 180% within the previous quarter. Nevertheless, the NFT space remained deteriorated regardless of this growth.
Pace Shift
AVAX NFT STATS data showed AVAX’s NFT sales plunged by 28% within the last seven days. Also, its NFT market cap plummeted by 1.47%. The Avalanche NFT’s top five non-fungible token collections saw volume declines, regardless of some growth as October ended.
AVAX NFT STATS represents the narrative on a chart. Also, the project recorded declines in sellers and buyers within the previous few months. That signaled a fading interest in AVAX NFTs.
AVAX Plummets Through & Through
Avalanche’s plunging social engagements and mentions remained injurious to AVAX’s sales. Lunar Crush data shows the token’s social engagements dropped by 10.55% within the past 24 hours, whereas social comments noted a 23.58% slump.
Moreover, the asset noted declines in weighted sentiment. That showed the cryptocurrency community maintained a pessimistic stance toward Avalanche. AVAX’s development activity slumped during that timeframe, showing Avalanche developers haven’t contributed to GitHub consistently.
That means enthusiasts can forget about new upgrades and updates on AVAX’s network in the near term. Avalanche failed to grow in its decentralized finance (DeFi) sectors. The token’s TVL plunged to $1.32 billion from $1.62 billion over the past day (DeFiLlama data).
Moreover, Avalanche’s popular decentralized applications (Dapps) noted a new active user drop. The previous week saw Daaps, such as Benqi and Trader Joe, losing 67% and 24% in new active user count, respectively. While publishing this blog, AVAX changed hands near $19.50. The alt gained approximately 1.25% within the previous 24 hours.
Avalanche will likely follow broad market sentiments in the upcoming sessions. Bears dominated the marketplace during this publication. The global cryptocurrency market cap plummeted by 2.95% in the past 24 hours to $1.03 trillion. Also, BTC lost 2.36% in that timeframe to change hands at $20,750 during this publication.
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