U.Today - Avalanche (AVAX) is experiencing one of its lowest periods in history as many of its holders are recording massive losses, to on-chain data from crypto analytics platform IntoTheBlock (ITB).
Avalanche plunge
Avalanche was once a prominent digital asset that was a very close rival to Terra (LUNA) prior to the latter's implosion. Avalanche recorded a huge market embrace that pushed its price to a high of $146.22 back in November 2021. Unfortunately, from the current trend, it appears as though the majority of long-term HODLers bought the coin when it hit its all-time high (ATH).
Data from ITB shows that as many as 99% of addresses resident on the Avalanche network are in losses. This percentage accounts for a total of 5.46 million of the total addresses holding AVAX. The data highlights addresses in profit to be pegged at just 160, while those that are making neither profits nor losses, per ITB, are pegged at a massive 27,640 addresses.
AVAX Addresses in Profit. Source: For a project as enormous as Avalanche, these data are damning and might notably discourage investors looking to back the blockchain in the near term. The sheer luster being exhibited by Avalanche is based on its current price outlook, which has surged by a marginal 0.98% to $10.22, a price point that is 93% below its ATH.
Despite these losses, Avalanche is still maintaining its stance as the 20th most capitalized coin, an indication that investor sentiment toward it is still robust.