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Avalanche (AVAX) Buyers Are Mostly Bullish on Coin, Here's Reason

Fri, 04/07/2023 - 15:55
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Godfrey Benjamin
Despite recent setbacks, Avalanche social stats show it is investors' favorite crypto
Avalanche (AVAX) Buyers Are Mostly Bullish on Coin, Here's Reason
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Avalanche (AVAX) is done playing the underdog as an Ethereum killer as some of its key metrics show it is one of the major Layer 1 protocols returning the biggest returns to its investors. According to data from IntoTheBlock, as many as 785,000 AVAX addresses, or 25.35% of the total profiled addresses, are in profit at the time of writing.

Avalanche was one of the heaviest-hit cryptocurrencies during the crypto winter as it helped court a similar growth trend as the now defunct Terra (LUNA) to hit an all-time high (ATH) of $146.22 more than a year ago. While still more than 87% down from this level, AVAX holders appear to have shrugged off the losses and look forward to the bright future the protocol has in store.

According to the data, many AVAX holders are out of the money, implying losses, and though this constitutes the majority of holders, steady growth in the protocol is pacifying investors across the board.

Avalanche (AVAX) Expands Horizons With New Decentralized Exchange

For AVAX, 60.97% growth in the year-to-date period is enough for the majority of its holders to maintain their positivity toward the digital currency.

Growing AVAX social sentiment

In today's social media age, avenues to vent remain a crucial feature of community branding in the Web3.0 world. Such coordinated bearish comments as contributed to the collapse of Terraform Labs and Avalanche have remained on the good side of its community over the past week.

According to data from IntoTheBlock, the total positive Twitter comments involving Avalanche for the week came in at more than 4,760, while the negative tweets were pegged at around 700. This is despite the hacks and setbacks recorded in recent times.

This figure is unusual and born by virtue of the targeted partnerships it is inking across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.