Blockchain analytics firm IntoTheBlock has revealed that the number of Avalanche (AVAX) holders in profit has plummeted to an unprecedented low. This alarming statistic marks a significant setback for the cryptocurrency, as a staggering 99.5% of AVAX holders find themselves incurring losses.
AVAX has previously encountered situations where holders experienced losses, specifically in June and December of 2022. However, the current occurrence stands out as it is the first time that these losses have reached a significant majority.
CoinMarketCap’s latest data reveals that the current value of AVAX stands at $10.23 per coin, accompanied by a 24-hour trading volume reaching $104 million. It showcases a significant decrease of 18% in total circulation. Within the past day, AVAX saw a decline of 3.28%, and unfortunately, its performance over the week has been even more alarming, with a staggering 16.55% decrease.
A Glimpse into the Future: “Avalanche Pass”
In light of these grim developments, the Avalanche ecosystem has introduced a glimmer of hope for its community. The “Avalanche Pass” announcement promises a gateway to a host of benefits and upcoming projects within the AVAX network.
This initiative aims to provide crypto enthusiasts and investors with a distinct advantage, enabling them to remain at the forefront of the evolving cryptocurrency landscape.
The Avalanche Pass provides pass holders with a range of exclusive benefits, giving them access to specialized features, rewards, and unique opportunities. By holding the pass, individuals can enjoy premium services that distinguish them in the competitive cryptocurrency sphere.
One of the most enticing aspects of the Avalanche Pass is its provision of beta access to the network’s upcoming groundbreaking projects. Holders of the pass will be among the first to explore and engage with these innovative initiatives, gaining both a firsthand experience and a chance to influence their future development.
As AVAX holders grapple with unprecedented losses, introducing the Avalanche Pass injects a sense of optimism into the community. Nevertheless, this new opportunity allows them to access exclusive benefits and contribute to future projects, showcasing the network’s dedication to fostering innovation and resilience in the face of market challenges.
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