- The ability of Avalanche holders to stake AVAX through cold storage raised staker interest.
- However, it’s still losing ground in the NFT and DeFi sectors.
Holders of AVAX tokens were able to stake them using cold storage thanks to BitGo’s most recent announcement. The announcement caused a 13.24% increase in stakers over the previous week on the Avalanche network. The network had 50,054 stakers at the time of writing, according to data provided by Staking Rewards.
The opinion of Avalanche remained unfavorable even though the number of stakers rose and the network’s validators backed it.
Data from Santiment show that over the past few days, the weighted sentiment for Avalanche has decreased. This demonstrated that the crypto market’s overall outlook for Avalanche had been dismal.
This unfavorable perception ultimately had an effect on Avalanche’s NFTs as well. The top five NFT collections on the Avalanche network did not experience any volume growth, according to AVAX NFT STATS.
Likewise, Avalanche struggled in the DeFi market. Total value locked (TVL), which at press time had dropped from 1.35 billion to 803 million, had decreased by 547 million since November for Avalanche. In the previous day, its TVL had decreased by 0.52%.
Even though Avalanche’s TVL fell, its escalating revenue over the previous week still indicated growth. The daily revenue produced by Avalanche had increased by 12%, according to Token Terminal.
Looking at the data of Avalanche
On-chain metrics gave Avalanche’s situation a bad impression.
Santiment claims that its development activity has decreased over the past week. This suggested that the development team’s GitHub contributions had decreased in number. However, during this time, its volume increased from 88 million to 116 million.
It remains to be seen whether Avalanche will benefit from and improve on investors’ interest in it. AVAX had a price of $11.97 as of the writing of this sentence. According to CoinMarketCap, its price had increased by 0.75% in the previous 24 hours.
