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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

AVAX Dump Continues Despite Puma/Roc Nation Sneaker Launch On Avalanche

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Avalanche AVAX Puma Roc Nation

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AVAX, the native currency of the Avalanche blockchain, is trading at new 2023 lows at the time of writing on August 26. Trading at $10, the coin is down 55% from 2023 highs and roughly 25% alone in August 2023. At this pace, AVAX has not only broken mid-June 2023 lows but could break below the critical June 2021 support.

AVAX Is Sinking

A look at the daily candlestick arrangement in August shows that sellers have been unwavering and firm despite the general optimism amongst supporters. Of note, it is clear that the selling momentum has been strong. AVAX bear bars have been banding along the lower BB, meaning sellers have been unloading faster. At the same time, the divergence of the middle BB from the upper and lower BB suggests that AVAX prices have been volatile. This can be illustrated by the rapid contraction, especially in the second half of August when AVAX has shaved off over 20% of its value.

Avalanche price on August 26| Source: AVAXUSDT on Binance, TradingView
Avalanche price on August 26 | Source: AVAXUSDT on Binance, TradingView

The sell-off also comes amid a drop in trading activity and general liquidity, as volume indicators show in the daily chart. Comparing the current activity with those of early to mid-July 2023, it is evident that trading volumes have rapidly contracted. This drop may point to general apprehension as traders steer clear, considering the recent decline in valuation. 

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Typically, trading volumes are an indicator of interest, and in times of expanding prices, like in early July, AVAX trading volumes rose in tandem. The higher the trading volumes, the more liquid the token is since traders are more engaged and confident of the project’s prospects. 

Avalanche Vista And New Partnerships

AVAX remains under pressure despite Avalanche Foundation partnering with Legitimate Technology, a web3 company, days after the foundation launched the “Avalanche Vista” program. The foundation aims to purchase real-world assets (RWAs) of up to $50 million minted on Avalanche. Following this, Legitimate joined forces with Puma and Roc Nation to bring the worlds of fashion and music on-chain.

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In partnership, Legitimate has now released the “Evolution of the Mixtape” sneaker collection to celebrate what they say is “hip-hop’s 50th anniversary.” The collection will include three unique sneaker models, each embedded with a near-field communication (NFC) chip for “owners to access a digital portal showcasing weekly mixtapes and behind-the-scenes content from Roc Nation artists.” Each NFC chip is linked to an immutable digital object on Avalanche for easy provenance. All these digitized products can be redeemed through Legitimate’s LGT protocol.

Featured image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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