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Avalanche Bleeds $1 Billion in Stablecoin Market Cap – What’s Next for AVAX?
In a recent update, the Avalanche network has reported a significant decline in its stablecoin market cap. The figure dropped by a whopping $1 billion within the last 10 days, a concerning trend that may have far-reaching implications on the cryptocurrency’s future performance.
While it is true that daily transactions on the Avalanche blockchain have been growing steadily, reaching a 10-month high of 586,650 transactions on January 8th, this growth alone is not enough to offset the sharp decline in stablecoin market cap. The current situation has raised questions about what lies ahead for the AVAX token.
To begin with, it’s crucial to understand that Avalanche’s network activity is flashing mixed signals. While daily transactions continue to rise, TVL (Total Value Locked) and stablecoin market cap are experiencing a significant downturn. This dichotomy raises concerns about the sustainability of the growth we’ve seen thus far.
Source: ambcrypto.com
