AVAX demand cools off, but can the bulls make a comeback as price enters major short term support?was hovering at the eleventh spot in crypto ranking by market cap. But can it leverage its growing transaction count to level up into the top ten, or will market pressure push it lower?
For example, the Avalanche blockchain has been experiencing positive growth in terms of daily transactions. According to DeFiLlama, both TVL and stablecoin market cap on the Avalanche network have been struggling to maintain positive growth. Liquidity in the Avalanche network has also been declining. Stablecoin market cap soared as high as $4.68 billion in March 2022. It tanked as low as $1.051 billion at the end of November 2023.