AVAX Posts Over 2 Million Transactions Over The Weekend, New Highs Seen
Avalanche (AVAX) has been leading a couple of prominent DeFi projects including Platypus. Platypus is a DeFi project built on the AVAX ecosystem that won the prestigious Avalanche X Grant. This DeFi protocol aims to prov...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Avalanche (AVAX) has been leading a couple of prominent DeFi projects including Platypus.
Platypus is a DeFi project built on the AVAX ecosystem that won the prestigious Avalanche X Grant.
This DeFi protocol aims to provide a user-friendly and scalable stableSwap platform.
More so, its dream is to create an Automated Market Maker (AMM) right on top of Avalanche that boasts of open liquidity and maximized efficiency in terms of capital.
Additional assets can be integrated into the liquidity pool that can greatly enhance simplicity, ease of use, and flexibility.
Platypus will be incorporating its first batch of voting gauges which will enable owners of vePTP tokens to get more rewards plus decide or vote on the placement of emissions.
Voting power is regarded as extremely valuable in the DeFi space as it pumps up both liquidity and TVL.
It’s interesting to note that the voting design of Platypus provides emissions without any presence of pause sliced in between votes.
AVAX Posts ATH With 2 Million TransactionsNotably, Avalanche was able to gross as much as 2 million transactions over the weekend which is now the most recent ATH for the crypto, boasting a spike that is astoundingly 4x more as seen in well over two months.
More so, crypto analysts are in unison that AVAX will soar to new heights in the coming days.
Evidently, Luigi DeMeo, Ava Labs head of DeFi, believes that subnets are a huge help and are just warming up.
Conscious Lines collection and Crabada collection from Avalanche, are two of the most popular NFTs with a spike in volume noted at $50K and $115K; respectively.
Avalanche-based NFT have also surged in terms of growth and popularity while the rest of the other NFTs are on a major decline over the past couple of days.
Avalanche was able to come up with $168,419 in terms of NFT sales, which shows a 20% dip compared to the past week.
Crypto Down In The Trading ArenaDespite the surge in new transactions, AVAX is currently losing it on the weekly chart.
According to CoinMarketCap, AVAX price has nosedived to 0.63% or trading at $18.81 as of press time.
Apparently, AVAX shaved off as much as 5.83% in the past week. More so, the Avalanche network also suffered a massive drop in terms of TVL as seen overnight.
AVAX is at a point of consolidation as it pauses from going to one direction following a massive selling activity. AVAX is looking to go for a downswing breakout.
On August 19, AVAX price successfully breached the ascending parallel channel but wasn’t lucky consistent enough to bounce back.
The bearish undertone of AVAX has triggered a low of $17.44 or a 28% plunge.
While the crypto is looking extremely bearish, a sudden spike in buying activity may propel it to create a daily candlestick that could close right above $20.18, weakening its bearish pressure.
With that being said, if the bulls can turn the tables around at this stage, this can start a rally at the $22.41 up to the $25.39 levels.
AVAX total market cap at $5.35 billion on the daily chart | Source: TradingView.com Featured image from Forkast, Chart from TradingView.comWhy this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Robinhood Chain Nears $30B DEX Volume While $1.1B DeFi Base Fuels Fresh Tease
Key Takeaways: As reported by DefiLlama, Robinhood Chain has now surpassed $30 billion in 30-day decentralized exchange volume. DE...
Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock
Bitcoin Magazine Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock Strategy reported no bitcoin pur...
Chainlink Targets $700B Custody Market With CustodySync and Anchorage DeFi Access
Key Takeaways: Chainlink introduced CustodySync, a new solution that connects loan markets in DeFi and qualified custody. The laun...
Aviva Invests $66 Million in Tokenized Sterling Fund on XRP Ledger
Aviva has invested $66 million in a tokenized share class of its Sterling Liquidity Fund on the XRP Ledger. The launch extends its...
Blink Wallet Adds Inactivity Fee to Custodial Accounts, Accelerating Migration to Self Custody
Bitcoin Magazine Blink Wallet Adds Inactivity Fee to Custodial Accounts, Accelerating Migration to Self Custody Blink Wallet annou...
Strategy’s Weekly STRC Buyback Climbs to $205 Million While Its Bitcoin Stack Stays Put
Strategy spent $204.9 million repurchasing 2,068,459 shares of its STRC preferred stock between Oct. 19 and Oct. 25 and bought no...