Has Avalanche lost its audience? Data suggests...
Furthermore, the social outlook towards the Avalanche protocol remained negative over the last week. This was showcased by Santiment’s data, which indicated that the weighted sentiment for Avalanche was overwhelmingly negative, implying that the negative comments for Avax outweighed the positive ones at press time.The declining progress of Avalanche on the social front, however, did not impede AVAX’s growth in terms of price. Since testing $0.
The RSI indicator was at 54.91, implying that the momentum was with the buyers. The CMF at 0.14 painted a positive picture as well, implying that buying pressure was prevailing for AVAX.One of the ways in which Avalanche could continue to sustain AVAX’s growth would be the burning of AVAX tokens. According to data provided by Avalanche Explorer, the protocol burned a total of 2.5M tokens at press time.
When a transaction happens on the Avalanche network, it burns the transaction fee, sending it to an irretrievable address. This burning mechanism has several purposes, such as reducing inflation and enhancing the scarcity of AVAX tokens as time progresses.
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