Avalanche Looks To Capitalize On GameFi Segment – Will This Give AVAX Some Boost?
16 Novembre 2022 - 09:00AM
NEWSBTC
Avalanche (AVAX) peaked at $20.31 on November 6 as it gave its best
to recover from the bearish trend that engulfed the broader crypto
market towards the tail-end of October and the opening days the
current month. However, on November 12, the cryptocurrency
experienced a severe price correction that pulled it all the way
down to $12.51. The following day, the altcoin made an immediate
bounce-back as it reclaimed the $15 marker. After that, Avalanche
was once again on a downward trend that made it struggle to even
just climb at $14. At the time of this writing, according to
tracking from Coingecko, the 20th ranked digital currency in terms
of market capitalization is changing hands at $13.50. Over the last
seven days, the asset has declined by more than 15% while during
the past 30 days, its value dropped by 14.4%. As it turns out, even
an impressive growth in GameFi segment of the blockchain space is
not enough to stop the bleeding for AVAX. Related Reading:
Solana Loses 60% Of Its Value After FTX Collapse – Can SOL Bounce
Back This Week? As Crypto Market Suffers, Avalanche Notches Growth
Elsewhere According to data shared on Twitter by Avalanche Talk, 10
GameFi projects running on the AVAX blockchain tallied significant
increases in volume over the past week. Province was the top
gainer, posting an impressive 1,481.77% increase in volume in just
a matter of seven days. Owloper (290.98%) was at second. Rounding
up the top five were Dragon Crypto (279.76%), Hoppers Game
(118.39%) and Step App (91.87%). Meanwhile, RaceX (68.42%), Crabada
(44.02%), XANA Metaverse (43.38%), Domi Online (41.42%) and
BetSwirl (7.77%) also made the top 10-list of the indicator which
aims to show how well a project is performing in a particular
ecosystem. TOP AVALANCHE GAMEFI WITH HIGHEST GROWING VOLUME
7D#GrowingVolume7D is an indicator of how well a project is
performing across an ecosystem. Right now, let’s take a look at the
#Avalanche gamefi projects with the highest growing volume in the
last 7 days 👇#Avax $Avax pic.twitter.com/yfFJDG70JN — Avalanche
Talk (@Avalanche_Talk) November 14, 2022 Although there is a
glaring gap between the increase in volume recorded by the top and
least gainer, the most important takeaway is that despite the
crypto market being painted in red once again, these projects under
the umbrella of the Avalanche ecosystem managed to perform
relatively well. This also served as a confirmation of the notion
that the GameFi segment of the vast blockchain industry has already
started its rapid growth. No Immediate Impact Yet On AVAX Price
Much like the case of the Shiba Eternity game that was launched in
hopes of helping Shiba Inu push its trading price to higher levels,
these games running on the Avalanche network currently has little
to no effect at all in terms of price trajectory. The reason for
this is that all of these games, and the GameFi segment in its
entirety, is still too young to push demands for crypto assets in
levels high enough to move an asset’s (in this case AVAX’s) spot
trading prices up. Still, this could prove to be a solid foundation
that could help Avalanche and its AVAX token soar to greater
heights in the near future. Related Reading: Chainlink Suffers 40%
Loss In Last 7 Days – Can LINK Regain $9 Mark This Week? AVAX total
market cap at $4.07 billion on the daily chart | Featured image
from Unsplash, Chart: TradingView.com
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