{"id":357905,"date":"2023-12-01T22:00:41","date_gmt":"2023-12-01T16:30:41","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=357905"},"modified":"2023-12-01T21:18:59","modified_gmt":"2023-12-01T15:48:59","slug":"can-any-avalanche-based-tokens-come-close-to-its-flagship-avax","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-any-avalanche-based-tokens-come-close-to-its-flagship-avax\/","title":{"rendered":"Can any Avalanche-based tokens come close to its flagship AVAX?"},"content":{"rendered":"<ul>\n<li><em>Neither Trader Joe nor GMX had a higher trading volume than AVAX.<\/em><\/li>\n<li><em>AVAX has a more even distribution among whales and retail holders than the others.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The month of November proved to be vital for the <\/span><span style=\"font-weight: 400;\">Avalanche [AVAX]<\/span><span style=\"font-weight: 400;\"> ecosystem. To a great degree, the transaction volume on the blockchain was unimpressive in October. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But as the 11th month began, volume skyrocketed, and by the second week, the volume reached heights it had not touched since May 2022.<\/span><\/p>\n<h4><b>No token edges out the flagship<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Details from IntoTheBlock revealed a surge in <\/span><a href=\"https:\/\/eng.ambcrypto.com\/whats-behind-avalanches-rocketing-adoption\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">activity<\/span><\/a><span style=\"font-weight: 400;\"> involving tokens operating on the Avalance blockchain was responsible for the hike in volume.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from AVAX, two other notable cryptocurrencies that influenced the increase were <\/span><span style=\"font-weight: 400;\">Trader Joe [JOE]<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">GMX<\/span><span style=\"font-weight: 400;\">. However, despite their contributions, the native token AVAX still had the highest transaction volume.<\/span><\/p>\n<figure id=\"attachment_80440\" aria-describedby=\"caption-attachment-80440\" style=\"width: 1110px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133326\/Screenshot-2023-12-01-at-04.57.13.jpg\"><img decoding=\"async\" class=\"size-full wp-image-80440\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133326\/Screenshot-2023-12-01-at-04.57.13.jpg\" alt=\"Trading volume on the Avalanche ecosystem\" width=\"1110\" height=\"601\" \/><\/a><figcaption id=\"caption-attachment-80440\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto, with data provided by IntoTheBlock, also considered how the tokens compared in terms of holders in profits. At press time, AVAX\u2019s price was $22.43. This value represents a 100% increase in the last 30 days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">JOE also jumped within the same period with a 53.05% increase. GMX, at $50.39, implies that the value increased by 12.50%. As a result, AVAX could boast of having 66% of its holders in <\/span><a href=\"https:\/\/eng.ambcrypto.com\/avax-outperforms-top-cryptos-will-the-trend-last\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">profit<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price increase of GMX and JOE also increased the profit ratio of holders. But both still had most holders below the break-even point.<\/span><\/p>\n<figure id=\"attachment_80441\" aria-describedby=\"caption-attachment-80441\" style=\"width: 1083px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133420\/Screenshot-2023-12-01-at-05.12.23.jpg\"><img decoding=\"async\" class=\"size-full wp-image-80441\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133420\/Screenshot-2023-12-01-at-05.12.23.jpg\" alt=\"AVAX holders in profit\" width=\"1083\" height=\"580\" \/><\/a><figcaption id=\"caption-attachment-80441\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In terms of the number of addresses, AVAX also leads. At the time of writing, there were 6.03 million AVAX holders. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trader Joe ranks with a meager 112,000 holders while other tokens on the Avalanche ecosystem were far below JOE\u2019s and AVAX\u2019s numbers.<\/span><\/p>\n<h4><b>AVAX spreads its wings across all ends<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Despite AVAX\u2019s 100% price increase, the Weighted Sentiment around the cryptocurrency <\/span><a href=\"https:\/\/app.santiment.net\/charts\/Flbovzsk__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">dropped<\/span><\/a><span style=\"font-weight: 400;\">. At press time, the metric was down to -0.169.\u00a0 Weighted Sentiment measures the positive\/negative commentary about a project using social data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the metric is positive, it means that market participants are optimistic about an asset\u2019s performance. So, the decrease means that traders were no longer bullish on AVAX\u2019s short-term price action.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of the sentiment, traders are betting on an AVAX price increase. This was indicated by the funding rate which was 0.01% at the time of writing.\u00a0<\/span><\/p>\n<figure id=\"attachment_80442\" aria-describedby=\"caption-attachment-80442\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133519\/Avalanche-AVAX-08.42.08-01-Dec-2023-scaled.jpg\"><img decoding=\"async\" class=\"size-full wp-image-80442\" src=\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/12\/01133519\/Avalanche-AVAX-08.42.08-01-Dec-2023-scaled.jpg\" alt=\"AVAX funding rate and weighted sentiment\" width=\"2560\" height=\"867\" \/><\/a><figcaption id=\"caption-attachment-80442\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">GMX\u2019s market cap in AVAX terms<\/a><\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Additionally, AVAX did not beat other tokens in terms of whales\u2019 concentration. According to IntoTheBlock, the token had a somewhat even <\/span><a href=\"https:\/\/twitter.com\/intotheblock\/status\/1730194075104477320?s=46&amp;t=akq-jVaUBxNDdCT4w-Y10g\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">distribution<\/span><\/a><span style=\"font-weight: 400;\"> among its holders, noting that:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cAVAX shows the lowest whale concentration among top Avalanche ecosystem assets with 43.15%, followed by QI and YETI. AVAX&#8217;s lower concentration suggests a more distributed and potentially stable investor base.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">This data implies that both retail holders and deep-pocket investors have AVAX on their radar. As it stands, AVAX&#8217;s price may decrease. But in the long term, the token remains one to keep an eye on.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regardless of the negative sentiment around AVAX, traders are betting on the token price to increase.<\/p>\n","protected":false},"author":72,"featured_media":357906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-357905","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can any Avalanche-based tokens come close to its flagship AVAX? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The month of November proved to be vital for the Avalanche [AVAX] ecosystem. 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