Coq Inu

Base

Avalanche

Gecko Inu

Memecoin

Avalanche, the 14th biggest cryptocurrency, rose for the sixth consecutive day after a significant token unlock. 
The Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noopener">AVAX</a>) token reached a high of $23.25 on Aug. 21, its highest level since Aug. 3 and 32% above its lowest level in August. 
<h2 class="wp-block-heading" id="avalanche-s-staking-yield-retreats">Avalanche’s staking yield retreats</h2> 
The rise happened a day after the network <a href="https://token.unlocks.app/avalanche-2" target="_blank" rel="">unlocked</a> 9.5 million AVAX tokens worth over $202 million. The next unlock will occur on Nov. 18 this year.&nbsp; 
Avalanche holders should expect more unlocks in the next few years, as just 64% of the total tokens have been unlocked. Over 255 million tokens will be unlocked by August 2029.&nbsp; 
Token unlocks are generally negative for existing holders since they increase the amount of available coins. Also, they impact staking rewards since some of these tokens flow to staking pools.&nbsp; 
Data by <a href="https://www.stakingrewards.com/asset/avalanche" target="_blank" rel="">StakingRewards</a> shows that AVAX’s staking yield has been in a downtrend in the past few weeks and is nearing its lowest level in months. It dropped to 7.93% on Aug. 21, down from 7.97% on July 21.&nbsp; 
More data shows that staking inflows rose after the token unlock on Aug. 20 after falling for six consecutive days, a sign that some investors exited their respective stakes before the token unlock.&nbsp; 
Avalanche’s token also rose after Santiment data showed that intraday volume grew to over 309 million, the highest point since Aug. 7.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14293030"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Avalanche-Volume.png.webp"> 
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Avalanche-Volume.png" alt="Avalanche volume"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Avalanche’s volume has risen | Source: <a href="https://app.santiment.net/charts/DBMojJJR__sCl" target="_blank" rel="">Santiment</a>
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/solana-ethereum-whales-ready-to-pour-millions-into-intel-markets/"> Solana, Ethereum whales ready to pour millions into Intel Markets </a> 
<h2 class="wp-block-heading" id="avax-price-formed-a-death-cross-and-a-head-and-shoulders-pattern">AVAX price formed a death cross and a head and shoulders pattern</h2> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14293029"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/avalanche-price.png.webp"> 
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/avalanche-price.png" alt="Avalanche price"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Avalanche price chart | Source: <a href="https://www.tradingview.com/symbols/AVAXUSD/?exchange=BINANCE" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
Avalanche has been under substantial pressure this year. The token has dropped by over 64% from its highest level in March. It formed a death cross and a head-and-shoulders pattern in June, often leading to more downside.&nbsp; 
Also, Avalanche has continued to lose market share in the Decentralized Finance market. Data by <a href="https://defillama.com/chains" target="_blank" rel="">DefiLlama</a> shows that its total value locked has moved to $882 million, making it the ninth biggest chain in the industry.&nbsp; 
Avalanche has been passed by newer chains like Base and Arbitrum (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>), which have assets of $1.49 billion and $2.68 billion, respectively.&nbsp; 
Other networks have also passed it in decentralized exchange volume. Its weekly DEX volume stood at $421 million, while Arbitrum had $3.7 billion and Base had $3.18 billion.&nbsp; 
A likely reason for this is that, unlike Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) and Base, Avalanche’s meme coins like Coq Inu (COQ), Kimbo, and Gecko Inu have not become highly popular. Instead, Solana tokens like Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" target="_blank" rel="noreferrer noopener">WIF</a>) and Bonk (<a href="https://crypto.news/price/bonk/" target="_blank" rel="noreferrer noopener">BONK</a>) have gained market share. 
 You might also like: <a href="https://crypto.news/avalanche-foundation-1-million-meme-coin-ecosystem/"> Avalanche Foundation launches Memecoin Rush, injecting $1m into ecosystem </a>

Avalanche rises after big token unlock; staking reward falls

Table of Contents

crypto.news

Other articles published on Aug 21, 2024

Russian finance minister reveals over 90% of bilateral trade with China bypasses U.S. dollar

Yellow Card integrates Fireblocks wallet to improve cross-border transactions

Binance and CZ Face Lawsuit in Seattle Federal Court Over Alleged Money Laundering Practices

TRON Price Prediction: TRX Surges 11% To Become Top 10 Crypto As This 2.0 PEPE Raises $700k In 4 ...

Conflux and China Mobile’s Migu Debut World’s First Blockchain-Based Video Ringtone (21 Aug)

El Salvador Launches Bitcoin Certification Program For Civil Servants

Join our free newsletter for daily crypto updates!