Avalanche (AVAX) Might Keep Its Investors Waiting For Returns This Year, Cardano (ADA) Founder Slams FUDDER, RenQ Finance (RENQ) Proves To Be A Must-Have Token In 2023
The crypto market is always volatile, with prices of tokens and coins fluctuating based on a variety of factors.
This year, some of the major players in the market have seen mixed results. Avalanche (AVAX) has struggled to provide returns to its investors, while the founder of Cardano (ADA) has had to deal with FUDDER.
Despite the market turbulence caused by the delay in returns for Avalanche (AVAX) investors and the Cardano (ADA) founder’s criticism of fudders, RenQ Finance (RENQ) has established itself as a must-have token for investors in 2023 due to its compelling project features, ability to fill a market gap, strong appeal to investors, and high potential for success.
Avalanche (AVAX) Struggles to Provide Returns to Investors
Avalanche (AVAX) is a blockchain platform that aims to provide fast and low-cost transactions to users. While the project has gained popularity, its token price has struggled to keep up with its potential.
Despite having a strong community and partnerships, AVAX has failed to provide the returns that its investors were hoping for. This has led to concerns among some investors about the future of the project.
Cardano (ADA) Founder Slams FUDDER
Charles Hoskinson, the founder of Cardano (ADA), has been dealing with criticism from critics who have spread FUD (fear, uncertainty, and doubt) about the project.
Hoskinson has taken to social media to slam these FUDDERS, arguing that they are spreading false information about the project.
Hoskinson has highlighted the progress that Cardano has made in terms of its development and partnerships and believes that the project is on track to achieve its goals.
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RenQ Finance (RENQ) Proves to be a Must-Have Token in 2023
In contrast to AVAX and ADA, RenQ Finance (RENQ) has emerged as a must-have token for investors in 2023. RenQ is a blockchain platform that aims to provide a cross-chain network for asset exchange by connecting isolated blockchains with separate DeFi protocols in the DeFi space together. The platform prioritizes and incorporates all of the community’s active members, making it accessible to everyone, including novice traders and seasoned professionals.
RenQ Finance has several advantages over other projects, including full autonomy for platform users, who have full custody of the assets in their wallets since they retain their private key, unlike centralized exchanges. Additionally, RenQ provides an extra layer of security for users, with the option of Two-factor authentication (2FA) for wallet protection.
RenQ Finance advantages over Avalanche and Cardano
RenQ Finance (RENQ) has been gaining attention in the cryptocurrency market due to its unique features and potential advantages over other popular coins like Avalanche (AVAX) and Cardano (ADA). Here are some key advantages RenQ Finance has over these two coins:
- Filling a market gap – While Avalanche and Cardano focus on building smart contract platforms, RenQ Finance is focused on providing a decentralized financial platform that incorporates the best features of both centralized and decentralized exchanges. This unique approach fills a market gap and offers investors a new option to participate in the DeFi space.
- The strong project features – RenQ Finance offers a range of features that appeal to both novice and experienced traders, such as a user-friendly interface, low transaction fees, and cross-chain compatibility. In addition, RenQ Finance has implemented smart contract technology to ensure secure and efficient transactions, protecting users from losses caused by uncertain sources of liquidity.
- Investor appeal – RenQ Finance has been attracting investors due to its potential for high returns. The RENQ token has already received positive feedback from early investors, and the public sentiment surrounding its price is very positive.
- Community-driven – RenQ Finance is a community-driven organization, with decisions being made by all active members who have shares in the liquidity pool and ownership of the RENQ token. This approach ensures that the platform is responsive to the needs of its users and encourages a sense of ownership and participation in the platform’s success.
In contrast, Avalanche and Cardano have faced criticism for slow development and lack of progress on promised features. Cardano founder, Charles Hoskinson, has been vocal in his criticism of those spreading FUD (fear, uncertainty, and doubt) about the project, but this has not alleviated concerns about the pace of development.
Overall, RenQ Finance offers a unique approach to DeFi that fills a market gap, with strong project features and the potential for high returns. While Avalanche and Cardano have their strengths, they have faced criticism and delays in development. It will be interesting to see how the market evolves in the coming years and whether RenQ Finance can continue to attract investors and match the market cap of other top coins.
Click Here to Buy RenQ Finance (RENQ) Tokens.
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Avalanche may have had a solid Q1, but what promise does April hold
- The AVAX bullish sentiment has decreased after an impressive all-round performance in March.
- The Avalanche blockchain experienced a great deal of NFT volume and stablecoin supply.
Having dominated other cryptocurrencies in the market, price, and social activity, Avalanche [AVAX] was one of the best performers in March.
But this outmatch did not only begin in the third month. In terms of price, AVAX has been able to dominate the second-ranked asset in market cap Ethereum [ETH] in the last 90 days. While ETH boasted of a 50% hike, AVAX put up a 60.30% increase in the first quarter.
Realistic or not, here’s AVAX’s market cap in ETH’s terms
As the day goes by, the influence reduces
Although LunarCrush ranked listed the token of the layer one (L1) blockchain as one of the top assets with the best traction, its current condition may call for wariness as next month approaches.
First off, the social intelligence platform revealed that social contribution in relation to the asset has decreased by 79.9% in the last seven days as shown below.
The metric shows the tally of the number of unique people discussing an asset in real time. Since the value had secretly diminished, it implied that the velocity of AVAX social interaction was down and traction trended lower.
Another metric that has dwindled over the same period is the bullish sentiment. The metric specifically considers shared perception about an asset. Although the bullish sentiment rose over the last 24 hours, the seven-day performance was a 66.95% decline.
Despite having the support of Bankless co-founder who posted severally about the token, AVAX’s acumen moved downwards. Due to these backtracks, its alt rank position which puts market volume perspective into consideration budged 44 places.
Big strides and a “March” toward confidence
In terms of Non-Fungible Tokens (NFTs) sales, Santiment revealed that collectibles linked to the blockchain had several good days. As revealed by the on-chain tracking tent, sales volume reached eight figures on several occasions with a 30-day high of 16.95 million.
This means that NFT traders turned their attention toward AVAX assets. However, the volume appeared to have decreased at press time. Away from drawdowns, whales seem to be making efforts to help keep up the AVAX performance in April with stablecoin input.
How much are 1,10,100 AVAXs worth today?
Evidently, the stablecoin market has been hit with challenges as Circle [USDC], and Binance USD [BUSD] market caps were underwater. However, whales’ stablecoin supply for the token has been increasing since 14 March. At press time, the supply percentage was 50.65.
A testament to this action would be the conviction that investment in AVAX could be worthwhile. However, it was uncertain whether the supply increment was for the short or long term.
Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions
Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%.
TUSD Supply Swells, Tron-Issued Stablecoins Rise 218%
In the past month, several stablecoins experienced supply reductions, including usd coin (USDC), binance coin (BUSD), gemini dollar (GUSD), and USDD. Gemini’s GUSD led the pack with a 30.5% redemption rate over the last 30 days, while BUSD’s supply dipped by 30.1%. Additionally, the crypto community witnessed the USDC depegging event on March 11, 2023. On that day, USDC dropped to a low of $0.877 per coin and remained depegged until the U.S. Federal Reserve announced it would bail out California’s Silicon Valley Bank (SVB) and New York’s Signature Bank.
On the same day that USDC dropped below the peg, an archive.org snapshot shows that the number of TUSD in circulation was around 1.32 billion tokens. According to the stablecoin’s website, the current number of TUSD in circulation is 2.02 billion, meaning that over the last 18 days, the TUSD supply has jumped 53% higher. On Feb. 24, 2023, the number of TUSD in circulation was only 972 million, and a significant number of TUSD tokens have since been minted on the Tron network. The number of Ethereum-based TUSD rose from 558.28 million to the current 711.71 million over the last 33 days.
Statistics show that during the same period, the number of Tron-issued TUSD rose from 409.64 million to 1.30 billion, a rise of more than 218%. Approximately 72,055 Avalanche-based TUSD coins were redeemed since Feb. 24, and the number of Binance Chain TUSDs decreased significantly. An archive.org snapshot indicates that there was a total of 911,869 Binance Chain-issued TUSDs, and today, the number is 84.04% lower at 145,516 TUSDs on that specific chain.
Tags in this story
Altcoins, Avalanche, binance chain, Blockchain, Circulation, Coins, Cryptocurrencies, depegging event, Ethereum, Federal Reserve, future, Gemini Dollar, GUSD, market, minting, redemption rate, Signature Bank, Silicon Valley Bank, stablecoin assets, Stablecoin Tokens, Stablecoins, Statistics, supply reductions, Tokens, tron, trueusd, tusd, usd coin, USDC, USDD
What do you think about TUSD’s supply swelling by 110% over the last 30 days? Share your thoughts on this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Avalanche [AVAX] raises investors’ hope, but things might take a U-turn
- The maximum TPS on the Avalanche network jumped 24% from the week before.
- The network faced another brief outage on 26 March.
The Avalanche[AVAX] ecosystem shared the weekly status report of activities on its C-chain. One of the major highlights was the big jump in transactions per second (TPS) clocked in by the network.
Over the past week, the highest TPS recorded was 468, an increase of 24% from the highest value in the week before. This suggested that the overall speed and efficiency of the network improved drastically. Notably, the total number of transactions also witnessed a marginal increase.
The C-chain or the Contract chain, is used for smart contracts and Defi apps deployment. Most Avalanche Defi protocols such as AAVE and Trader Joe work on the C-chain.
🔺#Avalanche C-chain weekly on-chain status🔺
Transactions: 12594034 +0.10%
Max TPS Observed: 468 +24.15%
Gas Used: 5.66T -1.30%
Staking ratio: 62.05%
Staking rewards: 8.48%
Total validators: 1,247
Total delegations: 74,327#AVAX $AVAX pic.twitter.com/2uKyzjDkKW
— AVAX Daily 🔺 (@AVAXDaily) March 26, 2023
Read Avalanche’s Price Prediction 2023-2024
Staking becomes lucrative
The weekly report also disclosed vital stats about staking on the network. The staking ratio witnessed a remarkable increase of 62% from the previous week. Staking ratio refers to the percentage of tokens from the circulating supply that were being staked.
A reason behind users showing interest in staking could be because of the increase in the estimated reward that they will earn. Staking rewards increased more than 8% from the week before.
Furthermore, the total number of validators reached 1,251 at the time of writing, as per the latest date from Avalanche. This number swelled by about 4% since the start of the year.
However, the social metrics painted a negative picture of the network. There was a drastic fall in the number of social mentions and engagements. Consequently, social dominance also fell by more than 10%.
🔺Avalanche Weekly Social Signals🔺
Most Influential [email protected]@[email protected][email protected]
Influencers of the [email protected][email protected]@[email protected]
Source: @LunarCrush#AVAX $AVAX #Avalanche pic.twitter.com/pBaZ7wCMBz
— AVAX Daily 🔺 (@AVAXDaily) March 26, 2023
Will outages act as speed-breakers?
Meanwhile, the network faced a fresh outage as block production was halted for 80 minutes on 26 March. This was the second disruption in three days.
On 23 March, the C-chain stopped producing blocks leading to a two-hour-long outage. South Korea-based crypto exchange UpBit temporarily halted AVAX transactions because of the outage.
How much are 1,10,100 AVAXs worth today?
As per CoinMarketCap, AVAX was down 1.64% over the previous day to be valued at $16.74 at press time.
On the daily timeframe, AVAX moved in a range since 14 March after recovering from the stablecoin-induced chaos in the market.
At the time of writing, the Relative Strength Index (RSI) hovered along the neutral 50 level. Moreover, the Moving Average Convergence Divergence (MACD) gave early signals of bullish momentum. But it was tough to predict the price direction since most of the technical indicators, at press time, gave a mixed signal.
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