- Avalanche’s daily transaction volume and transaction fees has declined.
- The network’s NFT sales volume and unique buyers are down by about 88% and 34% respectively.
- AVAX is currently trading at $15.93 after a 5.85% drop in price.
Avalanche’s (AVAX) Q3 report showed many ups and downs for the crypto. However, the most shocking fact is that Avalanche’s network value increased by only 3.3% while its total revenue dropped by 94.1%.
In addition to this, Avalanche’s daily transaction volume and transaction fees also declined by about 65.5% and 76.2% respectively. This comes, despite integrations with platforms like Core, THORChain, and Boba Network.
The network’s popular decentralized finance (DeFi) incentive known as Avalanche Rush, has also been showing signs of struggle with its total value locked losing about 27% in both USD and AVAX Quarter over Quarter (QoQ).
Adding to Avalanche’s performance issue is the fact that AVAX’s NFT market conditions are also not faring well. According to data from Messari, the network’s NFT sales volume and unique buyers are down by about 88% and 34% respectively. On the plus side, the unique sellers have increased by 25%.
AVAX / Tether US 1D (Source: CoinMarketCap)
According to CoinMarketCap, things are not going much better for the Avalanche network’s main utility token, AVAX. The crypto is currently trading at $15.93 after a 5.85% drop in price over the last 24 hours, and after reaching a low of $15.72 over the same time period. In addition to this, AVAX is also down more than 7% over the last week.
AVAX’s 24-hour trading volume is up by more than 100% to now stand at $209,217,581.
AVAX is currently the 17th biggest cryptocurrency in terms of market capitalization with its market cap of $4,716,481,441. This places the crypto right behind Uniswap (UNI) in the 16th position and in front of Wrapped Bitcoin (WBTC) in the 18th position.
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