- AVAX’s social volumes have dropped by more than 94% according to the latest data. Following the trend, AVAX’s social engagement and contributors also significantly decreased last week.
- The decrease in chain popularity was also observed in Santiment’s data, as the social dominance graph remained low. However, the weighted sentiment improved.
- While social metrics declined, the token’s price movement also remained in a downward trend. According to the data, AVAX has dropped by more than 5.7% in the past seven days and gained 0.8% in the last 24 hours.
While the TVL value on the Avalanche network managed to stabilize, AVAX price has decreased in the past week and its social media volumes have dropped by more than 90%.
Avalanche’s Social Media Popularity Rapidly Declined
Avalanche experienced a significant decrease in social activity last week. This situation put the chain in a difficult position. The decrease in popularity may be due to the downward price movement. Furthermore, it was observed that the transaction volume increased while the price was dropping, which worsened the situation. Examining the on-chain metrics and daily chart of the chain in the past seven days clarified the reasons for these declines.
AVAX’s social volumes have dropped by more than 94% according to the latest data. Following the trend, AVAX’s social engagement and contributors also significantly decreased last week. Additionally, the social dominance also decreased equally in the past seven days, reflecting a decrease in popularity.
Interestingly, the chain managed to stabilize its Total Value Locked (TVL) last week. Moreover, the data revealed that Struct Finance and Coinsquare were the structures that provided the highest TVL increase in the Avalanche ecosystem last week.
The decrease in chain popularity was also observed in Santiment’s data, as the social dominance graph remained low. However, the weighted sentiment improved, which can be considered as a positive signal.
Are Investors Going Through Tough Times?
While social metrics declined, the token’s price movement also remained in a downward trend. According to the data, AVAX has dropped by more than 5.7% in the past seven days and gained 0.8% in the last 24 hours. At the time of writing, it is trading at a price of $13.25 with a market cap of over $4.5 billion. Another bad news is that the token’s price increased while the trading volume decreased, which is a typical bearish signal.
Thanks to the price drop, the token’s 1-week price volatility also decreased. However, open positions also decreased, giving hope for a reversal of the trend.
While AVAX’s open positions give hope for better days, market indicators tell a different story. The Moving Average Convergence Divergence (MACD) showed a downward trend. Avalanche’s Relative Strength Index (RSI) remained flat, further increasing the chances of a continued downward trend. However, the Chaikin Money Flow (CMF) turned bullish as it slightly increased in the past few days. Additionally, AVAX’s Money Flow Index (MFI) followed the CMF and appeared to be bullish for the token.
