The AVAX native token for the layer-1 blockchain Avalanche is in serious discomfort this weekend, dropping more than 10% at one point in a fall to its mostaffordable level because December 2023.
Over the past 24 hours, the token has crashed from $27.87 to an intraday and six-month low of $24.92, according to CoinGecko.
Moreover, the possession has dropped a massive 37% over the past month as altcoins continue to get crushed in the crypto market pullback.
What Has Caused the AVAX Avalanche?
“What’s going on there?” asked ‘Crypto Mechanic’ in a post on X on June 22, before including it is “the veryfirst high cap coin that broke the [yearly] low, I believe.”
“AVAX buzz is so far gone this cycle… It looks like absolutelynothing will conserve it from endingupbeing Cardano 2.0,” commented ‘The Crypto Monk.’
Meanwhile, the head of researchstudy at Uphold, Dr Martin Hiesboeck, stated, “the rate of AVAX going downhill like an avalanche makes no sense.”
“Nobody equivalent has this development momentum,” he stated in referral to Avalanche volumes. Additionally, significant videogame designer Konami is supposedly releasing an NFT platform called Resella, constructed on the Avalanche blockchain.
This is big. The rate of $Avax going downhill like an avalanche makes no sense. Total volume on avalanche is over $18 billion because the start of the year. Nobody equivalent has this development momentum. And now a significant videogame designer Avalanche needto be the most undervalued… https://t.co/jNqrKsovHC
— Dr Martin Hiesboeck (@MHiesboeck) June 22, 2024
According to blockchain sleuth ‘ZachXBT,’ a whale hasactually been moving big quantities of the possession to centralized exchanges. The entity began moving 1.96 million AVAX worth around $54.2 million to Coinbase, Binance, Gate, and bridging through THORChain, he stated in an examinations post on Telegram on June 22.
The enormous relocation has resulted in AVAX’s market cap falling listedbelow $10 billion and its ranking drop