AVAX Price Drops Below IDR 150 Thousands: What's Up With Avalanche?

Aset kripto AVAX. (Photo; Doc. CoinTurk)

JAKARTA - Avalanche's original token price, AVAX, recently slumped below a threshold of IDR 150 thousand. This decline is the lowest since January 2021, according to data from CryptoSlate.

In the last 24 hours, AVAX's value has decreased by 1.3%, making its price drop to Rp140 thousand. This decline has resulted in a decline of 14.5% in the past month and a large decline of around 50.5% in the past year.

Causes AVAX Prices To Drop

The decline in AVAX prices occurred in line with the decline in activity in the Avalanche ecosystem, as reported by DeFillama data. The total value locked (TVL) in Avalanche has decreased from US$11 billion (Rp169 trillion) in November 2021 to only US$497 million (Rp7.6 trillion) today. In particular, TVL for AVAX has also decreased, from 135 million AVAX in May 2022 to only 53 million AVAX today.

TVL's decline is an indicator of a deeper problem, namely the decline in activity in Avalanche's network. In the last 24 hours, Avalanche has only 30,000 active users with an inflow of US$1.57 million (Rp23 billion), a trading volume of around US$10.8 million (Rp166 billion), and a transaction fee of US$7,882 (Rp121 million).

AVAX Development Still Continues

Despite the decline in AVAX prices, Avalanche's ecosystem continues to attract attention in terms of new development, which shows its strong network resilience.

In May, Avalanche partnered with Alibaba Cloud to create a blockchain-based metaverse deployment platform called Cloudbase. In addition, the network also partnered with Amazon Web Services (AWS), a leading cloud computing platform, in January.

In addition, stablecoin publisher Circle launched the Euro Coin stablecoin on the Avalanche blockchain, adding to the diversity of its ecosystem. Despite the decline in AVAX prices, positive developments in Avalanche's ecosystem continue to strengthen its position in the crypto world.