Can rising liquidity help AVAX’s prices?
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Home > Altcoin > Can rising liquidity help AVAX’s prices?
ALTCOIN
Can rising liquidity help AVAX’s prices?
2min Read
Avalanche sees a surge in stablecoin liquidity, strengthening its ecosystem.
Posted: February 24, 2024
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Himalay Patel
Journalist
Edited By: Ann Maria Shibu
AVAX’s stablecoin liquidity reached a yearly high, boosting confidence amidst ecosystem.
Interest in DeFi grew, however NFT volumes fell.
Over the past few days, the Avalanche [AVAX] network has witnessed a remarkable surge in stablecoin liquidity, marking yet another milestone in its ongoing development.
This upswing in liquidity has not only impacted the stability of the network but has also reverberated across various sectors within the Avalanche ecosystem.
Growing liquidity
The growth in stablecoin liquidity on Avalanche has been nothing short of impressive, particularly in the last week.
Data reflects a substantial increase, propelling the network’s stablecoin liquidity to a new yearly high. This surge indicates heightened confidence and participation in stablecoin transactions within the Avalanche network, pointing towards a maturing ecosystem.
The impact of this liquidity surge extends beyond mere statistics. As stablecoin liquidity rises, the network becomes more robust and versatile, catering to a broader range of financial activities.
This influx is a positive sign for traders and investors, as increased liquidity often translates to more efficient and responsive markets, providing better opportunities for participants.
Avalanche’s decentralized finance (DeFi) landscape has also experienced significant developments.
Total Value Locked (TVL) and decentralized exchange (DEX) volumes have seen substantial growth, reflecting an increased engagement in decentralized financial activities on the network.
Source: Artemis
State of NFTs
Conversely, the state of Non-Fungible Tokens (NFTs) on Avalanche tells a different story. While DeFi flourished, interest in NFTs witnessed a decline.
Notably, sales of Blue Chip NFTs fell, indicating a shift in investor preferences within the Avalanche NFT marketplace. Understanding these shifts is crucial for navigating the dynamic landscape of digital assets on Avalanche.
Source: AvaxNFTstats
Social dynamics around AVAX have experienced fluctuations in recent weeks. Social volume, representing the frequency of mentions across various platforms, has seen a decline.
However, the weighted sentiment around AVAX tells a different tale. Despite a decrease in social volume, the sentiment around AVAX has grown positively.
How much are 1,10,100 AVAXs worth today?
This suggests that while there may be fewer discussions, the overall tone has become more favorable, possibly fueled by the recent developments in stablecoin liquidity and DeFi activities.
Source: Santiment
In the midst of these dynamics, the price of AVAX has undergone notable changes. At the time of writing, AVAX is trading at $36.41, reflecting a 3.87% decline.
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Home > Binance > BNB crosses $370 as holders anticipate airdrop
BINANCE
BNB crosses $370 as holders anticipate airdrop
2min Read
Binance recently embarked on an impressive price and volume run, fueled by holders' airdrop expectations.
Posted: February 24, 2024>
Adewale Olarinde
Journalist
Binance cross above $370 as holders anticipate airdrop
BNB has reclaimed a price level not seen in over a year.
The BNB chain has integrated another DeFi platform.
Binance Coin [BNB] has recently experienced a notable increase in certain key metrics. This surge is linked to the latest developments on the network, coupled with a recent advancement in the BNB chain.
BNB hits the pre-FTX spot
Analysis of the Binance daily timeframe chart showed that BNB had been on an upward trajectory except for the current moment. Between 21st and 22nd February, BNB recorded an increase of over 7%, specifically achieving 7.03% on 21st February.
This surge propelled its price to $382.5, marking the first time since May 2022 that BNB reached this price range. The ascent to this range signifies the culmination of an uptrend that commenced around 7th February.
As of this writing, BNB was trading at around $376, reflecting a decline of over 1%.
Binance (BNB) price trend
Source: Trading View
Additionally, the chart showed that BNB entered the overbought zone on 20th February after consistently staying above the neutral line. Although it remained in the overbought zone at the time of this writing, the price decline has initiated a downward trajectory.
BNB volume pumps to yearly high
The Binance BNB volume chart analysis showed a convergence with the price, showing a simultaneous surge. By the end of 22nd February, the BNB volume had risen to over $2.3 billion.
A more in-depth analysis of the volume trend showed that this is the second time in over a year that the BNB volume has reached this level.
At the time of this writing, the volume has decreased to around $1.6 billion. Despite the decline observed at this moment, it remains one of the highest volumes witnessed recently.
Binance BNB volume
Source: Santiment
Airdrop announcement pumps Binance volume
The surge in Binance volume and price can be attributed to an announcement made by Binance on 21st February. The exchange introduced its cross-chain gaming platform, Portal, to the Binance Launchpool.
This initiative provided Binance users with an opportunity to participate in the upcoming PORTAL token airdrop scheduled for 29th February and ensured the listing of the forthcoming token on the exchange.
Binance users could lock up their BNB tokens or FDUSD stablecoins in Portal’s liquidity pools to qualify for the airdrop.
Following this announcement, data from Arkham indicates that BNB holders transferred over $400 million worth of BNB tokens to Portal within 24 hours in anticipation of the airdrop.
Is your portfolio green? Check out the BNB Profit Calculator
Aave launches on Binance
According to a recent update from BNB Chain, Binance has witnessed another significant development by integrating a prominent DeFi platform.
The post mentioned that Aave has now been integrated into the network, suggesting that this integration may result in increased liquidity flowing into the network. Additionally, this integration could lead to a rise in the volume of transactions on the network going forward.
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Himalay Patel
Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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