One of its top competitors,, fell 12.3% over the last 24 hour. According to CoinGecko, Avalanche (AVAX), is currently trading at $29.35 and has fallen by 3.5% over the last hour.

The Snowslide at AVAX: What was the Cause?

It seems obvious that Avalanche was affected by the crypto market crash. There must be more. AVAX, Ethereum’s only rival, has seen a drop of double digits. (DOT) fell by 4.08%; (SOL by 5.42%), and (ADA by 5.40% respectively, while Ethereum (ETH), has seen the least drastic fall, at -3.69%.

Secondly, the bearish sentiment could be related to the fact that a lot of Avalanche’s DeFi projects are experiencing a slow start. To illustrate, the total value locked (TVL) across DeFi protocols based on the Avalanche blockchain has decreased by 9% during the same 24 hour period and now it’s officially $4.7 billion. The TVL is almost three times smaller than the ATH at the close of 2021.

Avalanche Weekly TVL DashboardMoney flow in the crypto market is showing signs of panic, not only #Avalanche , TVL of major ecosystems have recorded a continuous decrease over the weeks.Overview #AVAX $AVAX pic.twitter.com/R9FqxKG1SV

— AVAX Daily (@AVAXDaily) May 18, 2022

Even with the price drop, active wallet count rises to the top

Surprisingly, Avalanche has seen more active wallets than ever before. Avalanche (AVAX), as of May 18th has 2,813,610 addresses and a daily rise of less than 6k wallets.

Avalanche’s daily transactions have seen an egregious drop, from 886.5k down to 358.5k within a single day. It’s yet to be found out what causes the ongoing stagnation, but it’s most likely connected to delays in DeFi projects.

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