The blockchain analytics firm Santiment (@santimentfeed) tweeted today that there has been a notable increase in both Avalanche’s (AVAX) social volume and positive weighted sentiment during the current pullback in AVAX’s price.
The tweet highlighted the contrast between the current high levels of social activity and sentiment compared and the low levels witnessed back in February this year when AVAX’s price had reached $21.
Social volume for AVAX (Source: Santiment)
Santiment’s tweet included a snapshot of AVAX’s current social activity and sentiment, which shows that the discussion rate and sentiment towards Avalanche have surged over the past 4 weeks. At the time the tweet was published, the data showed that the weekly AVAX discussion rate had jumped by more than 292%.
Ranked as the 15th biggest project in terms of market cap, AVAX’s price experienced a 2.05% drop in price over the last 24 hours according to CoinMarketCap. This has also flipped the weekly performance for AVAX into the red, taking its weekly price performance to -1.40% at press time.
As a result of the most recent price movement, AVAX is currently trading at $17.87. In addition, AVAX’s market cap is estimated to be $5.788 billion. AVAX was, however, able to outperform the leading altcoin Ethereum (ETH) over the last 24 hours. Currently, AVAX is up 0.56% against ETH. Unfortunately, AVAX was unable to outperform Bitcoin (BTC), and is down 1.69% against the crypto market leader. AVAX is also currently trading nearer to its 24-hour low of around $17.73, with the altcoin’s daily high standing at $18.56 at press time.
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Source: Cryptocurrency - investing.com
