The crypto asset Avalanche (AVAX) has been hit hard by the bear market, with its price dropping to a multi-year low of $10.14. According to IntoTheBlock’s findings, nearly all AVAX holders are currently at a loss, a situation that has not been seen before. The AVAX ecosystem has seen several developments this year, such as Alibaba Cloud joining forces with Avalanche to launch metaverses on the layer 1 blockchain, and Avalanche teaming up with MasterCard to help the payments giant strengthen its foothold in the Web3 space. The Avalanche Foundation also unveiled a $50 million initiative – Avalanche Vista – to invest in real-world asset (RWA) tokenization. Despite these developments, the price of AVAX has not been affected. In fact, the asset is currently under significant pressure, and the upcoming token unlock worth approximately $99 million, which is slated to be released on August 26th, is further expected to increase the selling pressure.

Information Details
Geography Asia
Countries 🇨🇳 🇺🇸
Sentiment negative
Relevance Score 8
People Alibaba Cloud, MasterCard, Avalanche Foundation, IntoTheBlock, FTX
Currencies AVAX, UST, LUNA, USDC, Bitcoin
Securities None

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