altcoin AVAX has a bleak response as bears gain control of Avalanche.Assessing… – AVAX’s market cap was up by 24.03% as per data from AVAX daily.- However, its performance on the NFT and price front painted a disappointing picture.Avalanche Daily, a Twitter handle that posts important updates about the Avalanche [AVAX] ecosystem tweeted the week’s NFT highlights on 20 April.As per the tweet, at the time of writing, AVAX stood with a market cap of $27.51 million with a volume of $20.48k.
Although AVAX’s market cap was up by 24.03%, the network’s volume witnessed a downfall of 21.38%.Furthermore, the tweet also highlighted a 44.76% drop in NFT sales with the number at 833 as of 20 April.🔺Avax NFT Weekly Highlights🔺 MarketCap: $27.51M Volume: $20.48K Sales: 833 Avg Price [[email protected]], @DCGgamefi, @ThorFiOfficial Highest volume [[email protected]]_nft, @DCGgamefi, @steakhut_fi, @PlayCrabada#AVAX #Avalanche $AVAX #NFT #GameFi pic.twitter.com/5WunQfwQbU — AVAX Daily 🔺 (@AVAXDaily) April 20, 2023 Read Avalanche’s [AVAX] Price Prediction 2023-24 Laying low this quarter? Data from the intelligence platform Santiment showed that the number of NFT trades on the Avalanche network witnessed a sharp decline.
At press time, this number was down to 771 from a high of 3094 the network witnessed on 13 April.Furthermore, development activity on the chain also witnessed a fall to stand at 30.19 at the time of writing.This was a clear indication that not as many developers were actively contributing toward developing the network.Data from Santiment also pointed out that AVAX’s weighted sentiment wasn’t at its best.This indicated that investors didn’t exactly have a positive outlook toward the network at press time.However, contrary to the information given above, AVAX’s social dominance witnessed a spike.
This indicated that there was much chatter about the Avalanche network on the social front.Can AVAX offer some support here? At the time of writing, AVAX was exchanging hands at $18.748 and stood in the red.AVAX’s Relative Strength Index (RSI) was seen in freefall and stood at 52.74.Considering the sharpness of the plummet, it could be interpreted that the RSI could hit the oversold region over the next few days if selling pressure continued to increase.The Awesome Oscillator (AO), although above the zero line, did flash red bars at the time of writing.However, it could change course considering AVAX’s ongoing performance.The Moving Average Convergence Divergence (MACD) indicator denoted that the MACD line was gradually moving toward the signal line.
Additionally, it is just a matter of time before the MACD line crosses the signal line thus confirming a bearish bias toward AVAX.How much are 1,10,100 AVAXs worth today? As per data from CoinMarketCap, at the time of writing, AVAX dropped by 5.87% in the last 24 hours and 2.70% in the last seven days.Furthermore, as per data from DeFiLlama, Avalanche’s Total Value Locked (TVL) as of 20 April stood at $830.65 million with a 6.31% drop in the TVL.
Leave a Reply [Cancel reply](/news/avax-has-a-bleak-response-as-bears-gain-control-of-avalanche-assessing/#respond) Leave a Reply – Cardano released new pools for its revamped delegation strategy.- Active addresses and prices showed an uptrend following the redelegation.Cardano [ADA] launched its Architects of the Future delegation strategy over a year ago, but it has changed significantly since.The Cardano Foundation revamped the delegation process and updated the application procedures, as per the latest announcements.
Read Cardano (ADA) Price Prediction 2023-24 Redelegation commences on Cardano The Cardano Foundation has just wrapped up its redelegation process, which significantly shifted its delegation strategy.The updated approach emphasized stake pool contributions to the community, promoting the creation of open-source solutions and offering support for the broader ecosystem.This new initiative is designed to nurture the growth of the ecosystem by recognizing the exceptional efforts of stake pool operators (SPOs) and encouraging their participation.As per the Foundation’s post on 21 April, more than 250 pools applied for the redelegation of the Cardano Wallets.
Nevertheless, out of these, just 45 pools were chosen randomly and granted delegation.Current stakes on Cardano Based on the data from Staking Rewards, the current staking ratio for Cardano stood at approximately 64.98%.As of this writing, the staking market cap was around $8.9 million, out of a total market cap of over $13.4 million.
Well, as for the number of stakers, they were around 1.19 million, with a slight uptick noted on 21 April.
Active addresses rise Furthermore, Santiment data revealed that there was a sudden surge in the number of active addresses on the ADA network.According to the seven-day active addresses metric, ADA was exhibiting a steady increase in active addresses.As of this writing, there were approximately 371,000 active addresses, a figure not seen since February.How much are 1,10,100 ADAs worth today? Price sees little respite on a daily timeframe The recent increase in active addresses on the Cardano network has positively impacted the asset’s price movement.ADA was trading at around $0.39 at press time, reflecting a gain of nearly 3%.This upswing followed several days of downward price movement.
Despite the decline in previous days, the asset’s price remained above the short and long Moving Averages (yellow and blue lines).Moreover, the latest surge in price has resulted in the Relative Strength Index (RSI) trending upward as well.- The Dogecoin Foundation’s long-serving member elucidates on the meme’s regulation-proof fundamentals.
– Discussions around DOGE remained at a high level.As part of the commemoration of the 4/20 Dogecoin [DOGE] Day, Fox Business had a chat with one of the foundation’s board members.Marshall Hyner, the person in question, has been with the Dogecoin Foundation since 2013.In the interview, he mentioned that the U.S.SEC could not target the memecoin.
Realistic or not, here’s DOGE’s market cap in BTC’s terms Is copying the king coin the saving grace? Explaining his reasons, he pointed out that DOGE was similar to Bitcoin [BTC] and hence it could not be termed as a security.He also mentioned that DOGE was community-driven.Therefore, its decentralized nature might have helped it get away from SEC’s prescription jurisdiction.Furthermore, Hyner admitted that he was not a fan of the enforcement approach by the U.S.regulator.
Instead, he urged the SEC to look to create policies to ensure oversight and project survival.
Hyner said: “I think that there are groups that build and have centralized companies.But that doesn’t mean that a cryptocurrency is not decentralized because they have centralized entities.” It is important to note that the SEC has not made any specific statements regarding Dogecoin.And it is unclear whether or not the agency will take any regulatory action against the cryptocurrency.That being said, the SEC’s regulatory focus has primarily been on initial coin offerings (ICOs) and cryptocurrencies that are deemed to be securities.
Dogecoin, on the other hand, was not launched through an ICO and was not marketed as an investment opportunity.For the uninitiated, an ICO is an event where a project attempts to sell a new coin or token, which investors purchase with the hope that the asset value rises.DOGE: Not out of the top 3 race Hyner also noted that he and other members of the development team did not envision a DOGE break into the top 10 cryptocurrencies by market capitalization.
However, he now believes that the coin could break into the top three because the meme “cannot be stopped”.
But this could be a herculean task to achieve considering how far off the eighth-ranked cryptocurrency is from the third-placed Tether [USDT].At press time, the Dogecoin market cap decreased by 11.89% to $10.98 billion.This was a testament to the widespread declining coin circulation and dip in prices.But the coin’s social dominance exhibited an opposite reaction since 4/20.At the time of writing, the metric which revolves around an asset’s social discussion was up at 4.87% Is your portfolio green? Check the Dogecoin Profit Calculator This implied that the Dogecoin Day celebration stirred several dialogues around the cryptocurrency.Meanwhile, Twitter CEO and outspoken Dogecoin lover Elon Musk did not exactly “promote” the meme on the said date.Instead, his focus was on the Starship launch.However, it is important to keep in mind that the regulatory landscape around cryptocurrencies is constantly evolving, and it is difficult to predict how agencies like the SEC will respond to assets like Dogecoin in the future.
– Arbitrum noted a massive surge in terms of daily activity and flipped Ethereum – Development activity on the protocol fell too as ARB took a hit Arbitrum was on the receiving end of a lot of attention once as its much-awaited token airdrop was set to be announced.In fact, owing to the same, the protocol managed to surpass even Ethereum in terms of daily active addresses.However, as time passed, the hype around the Arbitrum network started to decline.Is your portfolio green? Check out the Arbitrum Profit Calculator As a consequence, the transactions on Arbitrum and activity on the network began to fall.
Arbitrum surpassing Ethereum in terms of daily activity was written off as a one-off incident.However, at the time of writing, the same was happening for the second time.Arbitrum exceeded Ethereum in terms of daily activity, suggesting that Arbitrum’s elevated level of activity could be indicative of a trend rather than an isolated incident.This level of high activity can be attributed to the performance of Arbitrum One, which is a mainnet of the Arbitrum protocol.
At press time, the protocol had managed to surpass 200 million in terms of transactions.🎉 Arbitrum One has reached the 200m transaction milestone! We appreciate all the builders and communities that have made this possible in such a short time.Let’s keep building Arbitrum, together.💙🧡 pic.twitter.com/GDEJc68ysM — Arbitrum (💙,🧡) (@arbitrum) April 20, 2023 The heightened use of the Arbitrum protocol has resulted in a commensurate increase in the total value locked in its smart contracts.Additionally, Artemis’ data indicated that except for Ethereum, the project had exceeded most protocols in this aspect, with its TVL recorded to be $2.2 billion at press time.
Developers take a back seat Although high activity was seen on Arbitrum’s protocol, the same couldn’t be said about its GitHub.For instance – According to Token Terminal’s data, the number of active developers on the network declined significantly over the past few months.Coupled with that, the number of code commits being made to Arbitrum’s GitHub over the last 90 days fell by 51.4% too.If this trend continues, Arbitrum may take more time than other protocols to introduce new features and upgrades.
This would result in Arbitrum losing its prevailing dominance.Despite the larger positive performance of the protocol, the sentiment around ARB has remained negative.Consider this – Santiment’s data indicated that weighted sentiment had massively turned negative over the last few days.Coupled with that, the overall velocity of the ARB token also fell, implying that the frequency with which the token was being traded had fallen.
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