The cryptocurrency world has been going on a roller coaster over the past few years. While there have been some incredible highs, there have also been some worrying lows. One such cryptocurrency that has seen a sharp decline in recent weeks is Avalanche (AVAX). The cryptocurrency has seen a decline in users over the past three months, including a revenue drop of over 18%.
Reasons for the decline of AVAX
The decline of AVAX can be attributed to several factors. The first and most important one has been the overall bearish market sentiment. Since the beginning of 2021, the overall market sentiment has been quite bearish, leading to a decline in the prices of many cryptocurrencies and active market participants. This has been particularly true for AVAX as it has been one of the worst affected.
Another factor contributing to the decline of AVAX is the lack of volume. The currency has seen a sharp decline in its coin’s daily trading volume and NFTs, further exacerbating its decline.
The third factor contributing to the decline of AVAX is the lack of development. The currency has been stagnant concerning development, further hampering its growth.
The fourth and final factor contributing to the decline of AVAX is its involvement in a scandal surrounding litigations against other chains and ecosystems for harming them. As a direct effect, the currency has been quite isolated regarding partnerships, further hampering its growth.
Analysis of AVAX
When looking at AVAX, it is clear that the currency has been quite a disappointment in its performance in the past year. The coin has seen a sharp decline in its price over 12 months, & lack of development and partnerships has further compounded this.
Analysts and experts, however, provide AVAX with a positive mid to long-term price development of $41.49 by 2024 and $73.87 by 2026. This makes AVAX a considerably good investment opportunity.
Introduction to Avorak AI
Avorak AI is a decentralized artificial intelligence (AI) platform designed to enable the development of autonomous AI-based applications. The platform is powered by the Binance Smart Chain and its native token, AVRK.
It features powerful, AI-based applications such as the trading bot, chatbot, or content creation modules. All are exclusively available to holders of AVRK, which is available during the recently launched ICO.
One of the most prominent features is the trading bot, which accelerates the abilities of investors to automate their trading strategies and amplify their profits with real-time signals. A game changer for regular investors, without the need to pay hefty subscription fees.
AVRK ICO the newest craze in crypto?
The Avorak AI platform launched its initial coin offering (ICO) recently. The ICO is set to be one of the most anticipated ICOs of the year, seeing already increasing demand within this short period.
Investors feel strongly about the AI-powered platform due to its innovative technology and use of proprietary AI apps. They can invest in a profitable cryptocurrency and even stake their tokens to receive a steady stream of passive income.
The native token AVRK will be utilized for staking and accessing the array of AI-powered applications and is now available at a very attractive price point during the fast-selling ICO. Early buyers will receive bonuses and beta access to all AI tools, such as the trading bot.
Conclusion
In conclusion, it is clear that AVAX has been quite a disappointment in terms of its performance in the past year. However, analysts agree on a positive price trend till 2024 and 2026.
Moreover, with the launch of Avorak’s ICO, a new crypto craze is on the horizon. The highly talked about AVRK token is set to sell out pretty fast and has seen a steady increase in investors holding AVAX and other established altcoins in their portfolios.
Learn more here:-
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
Source: https://www.cryptonewsz.com/avax-token-drops-while-ico-of-avorak-ai-a-new-crypto-craze/