The Avalanche token (AVAX) is experiencing a pullback as activity on the network continues to show positive trends.
AVAX Token Price Decline
AVAX reached a high of $25.64 on August 18, but has since decreased to about $23.61 amid a broader sell-off in cryptocurrencies. The token dropped 5% within 24 hours as Bitcoin fell below $115,000 and Ethereum approached $4,200.
Growth in Avalanche Network Activity
Data from Nansen indicates that in the last two weeks, the number of daily transactions on the Avalanche network has surged by over 100%. Transactions have increased from approximately 500,000 to more than 1.3 million per day, demonstrating strong network development despite the price decline.
Metrics and Asset Tokenization
According to DeFiLlama data, the total value locked (TVL) in Avalanche has also been on the rise since its lows in April 2024. The platform is drawing attention for tokenizing real-world assets, with the recent announcement from Grove of tokenization efforts, including the launch of tokenized whisky bottles by Bowmore distillery.
Analysis suggests that although the AVAX token price is declining, the network activity and positive fundamentals could indicate potential future growth.
