Avalanche registered a drastic surge in network activity on its C-Chain, driven primarily by DeFi protocols.
While the two projects contributed to overall liquidity on the chain, the net impact was not substantial owing to their lower share of Avalanche’s TVL. The total worth of assets on the chain was $1,46 billion at press time, having stagnated in March.Avalanche’s weekly decentralized exchange volume plunged 21%, putting into question the chain’s established reputation as being DeFi-friendly. Most of the top DEXs on the chain, including Trader Joe, recorded weekly drops in volume.
5% drop in the last 24 hours. With a market cap of more than $4.8 billion, the coin was ranked 16 in the list of top cryptos by valuation. Most of the technical indicators on a daily timeframe gave bearish signals.The Relative Strength Index continued to move below the neutral 50 level, implying sustained selling pressure. The indicator was still not in the oversold zone; hence, the chances of a reversal were slim.
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