After shedding 26% in 7 days, is AVAX prepping for a recovery?


Avalanche: After shedding 26% in 7 days, is AVAX prepping for a recovery?

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In the last seven days, Avalanche has lost more over a quarter of its value. The 15th ranked alt, which was trading at $30 this time last week, was trading at $23 at press time.

The current state of the Avalanche network

Aside from the price drop, the situation on the Avalanche network has been worsening. As a result, the environment of Avalanche is distinct from that of other networks. AVAX tokens may be exchanged on the X Chain, and they can also be used in smart contracts or to pay for gas on the C Chain.

As shown in the graph below, Avalanche's C Chain network utilization has dropped off a cliff in the previous several days. In the time period in question, the average gas charge has reduced from about 50% to around 20%.

In parallel, the number of daily active addresses on the network has decreased. An average of 100k addresses were active on a daily basis at the end of February. Nonetheless, the figure has been fluctuating around the 60-70k range of late. The same may be seen in the example below.

Parallel to this, the number of daily transactions logged on the network has decreased. The figure fluctuated around 800,000 in the first half of May, but it is now down to 200,000 people.

In reality, the decrease in average transactions per second corresponds to the same. According to, the TPS hovered around 11 until May 11th. In recent days, the same has been reporting single-digit figures ranging from 1-4.

When the network has done well in the past, the price of Avalanche's native token has had a cushion to fall back on. But, with the network in such bad shape, it doesn't appear like AVAX will recover very soon. 

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