The native AVAX token for the Avalanche layer 1 blockchain is suffering serious trouble this weekend, falling more than 10% at one point in a drop to its lowest level since December 2023.
In the last 24 hours, the token has plummeted from $27.87 to an intraday and six-month low of $24.92, according to CoinGecko.
Additionally, the asset has fallen a whopping 37% over the past month as altcoins continue to get crushed by the cryptocurrency market pullback.
What has caused the AVAX avalanche?
“What's going on there?” twitter.com/CryptomechanicX/status/1804415329474347079″ target=”_blank” rel=”noopener” data-wpel-link=”external”>asked 'crypto Mechanic' in a post on
“The AVAX hype has died down this cycle… It looks like nothing will save it from becoming Cardano 2.0.” twitter.com/thecryptomonk/status/1804399278141403586″ target=”_blank” rel=”noopener” data-wpel-link=”external”>commented 'The cryptomonk'.
Meanwhile, Uphold's head of research, Dr. Martin Hiesboeck, stated that “the price of AVAX going down like an avalanche makes no sense.”
“Nobody comparable has this growth momentum,” he said, referring to Avalanche's volumes. Additionally, major game developer Konami is reportedly launching an nft platform called Resella, built on the Avalanche blockchain.
<blockquote class="twitter-tweet”>
This is huge. The price of twitter.com/search?q=%24Avax&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$avax Going downhill like an avalanche doesn't make sense. The total volume of avalanches exceeds 18 billion dollars since the beginning of the year. No one comparable has this growth momentum. And now, a major game developer, Avalanche, must be the most underrated… https://t.co/jNqrKsovHC
— Dr. Martín Hiesboeck (@MHiesboeck) twitter.com/MHiesboeck/status/1804399370227327085?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>June 22, 2024
According to blockchain sleuth 'ZachXBT', a whale has been moving large amounts of the asset to centralized exchanges. The entity began transferring 1.96 million AVAX worth around $54.2 million to Coinbase, Binance, Gate and bridges through THORChain, he said in an investigation. mail on Telegram on June 22.
The massive move has caused AVAX's market capitalization to fall below $10 billion and its ranking to fall to fourteenth, below Shiba Inu (SHIB) and Tron (TRX), according to CoinGecko.
Avalanche has been the center of the crypto hype this year for real-world asset (RWA) tokenization narratives and several major partnerships.
The asset reached $60 in the mid-March market rally, but remains 83% below its all-time high of $145 in November 2021.
Other Altcoins in pain
Altcoins continue to bleed as crypto markets continue to correct. The total capitalization has fallen 15% from its 2024 high and is currently 20% off its 2021 all-time high.
Altcoins are suffering the brunt of this pain right now, with Cardano (ADA), Chainlink (LINK), Near Protocol (NEAR), Polygon (MATIC), and Fetch.ai (FET) falling deeper into the red this weekend. of week.
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