Most AVAX Addresses Became Unprofitable
In the past month, the price of the cryptocurrency Avalanche (AVAX) dropped by a staggering 25%. On Wednesday, August 24, the coin dropped to its lowest value since December of 2022 before beginning to show gains again, with the rate surging back up to $10.4 by the night of Thursday.
Over the course of the last eight months, AVAX has decreased by almost 50%. Consequently, nearly all holders of the altcoin have incurred losses, with over 99.5% of addresses on the network now in an unprofitable state, according to IntoTheBlock.
This situation has never occurred for Avalanche before, propelling experts to comment on the decrease in attractiveness of the digital currency.
In response, the developers have teamed up with Alibaba and MasterCard to launch projects related to virtual reality and services for the Web3 industry, respectively.
