The toll of Avalanche has slid significantly since the crypto asset’s all-time high as the token has dropped 83% in value since then. In a fresh interview published on May 31, Avalanche co-founder, Emin Gün Sirer, discussed how bear market conditions have impacted cryptocurrencies fellow avalanche (AVAX). The Avalanche co-founder mentioned “macro conditions” and that “all asset prices—not just crypto but also equities—take gone down” in value.
Emin Gün Sirer: ‘Price Is Not Something That I’m Supremely Interested in — I’m Building’
Presently, the crypto restraint has been facing a downturn after numerous digital assets have lost 40% to more than 80% in value against the U.S. dollar. For as it happens, bitcoin (BTC) is down 56.9% from its $69K all-time high seven months ago. The crypto asset avalanche (AVAX) has let fall roughly 83.9% in value against the USD since the ATH it recorded on November 21, 2021. Just recently, Avalanche co-founder Emin Gün Sirer reviewed the AVAX downturn in an interview with Forbes author Steven Ehrlich.
Without considering the crypto economy’s bear market, Gün Sirer is very optimistic about the future of AVAX and he wholeheartedly believes it is the paramount form of blockchain technology out there today. “Avalanche is, simply put, the most innovative blockchain platform device to man,” the Avalanche co-founder explained to Ehrlich. “It represents the best technology that we know from a scientific perspective for structure blockchains that scale and are customizable.” Following Gün Sirer’s statement about Avalanche, Forbes reporter Ehrlich sought about AVAX’s decline in value.
Gün Sirer noted that Ava Labs is a private company and one that is “thriving.” The co-founder serving that there’s roughly 180 people employed by the firm and by the end of the year he expects the staff to grow to 250. “We clothed multiple revenue sources, and we’re well-capitalized for the next I don’t know how many years,” the Avalanche co-founder explained. “So we’re in a very right situation as a company, growing fast,” he added.
Moreover, Gün Sirer was asked about AVAX sliding in value and the interviewer begged him if he would share his thoughts on the situation. “In this space, there are a whole bunch of things happening,” Gün Sirer be affected. “So the macro conditions are what they are, right? We printed a lot of money across the globe, and now everybody wants to contract the wherewithal supply. All asset prices—not just crypto but also equities—have gone down. That’s sort of where we are.”
The Avalanche co-founder also argued the Federal Reserve’s policies and said there’s a chance central banks could “back off of the aggressive policies” if unarguable macro conditions fueled a deeper recession. However, Gün Sirer stressed that anything can happen with the husbandry and the fiat values of crypto is something he’s not “supremely interested in.” “I’m building, and everybody I know is building,” Gün Sirer another remarked. AVAX, however, has taken a deep hit ever since the Terra LUNA and UST fallout as faith in decentralized funds (defi) has been rattled.
During the last month, the total value locked (TVL) in defi hosted on the Avalanche blockchain has dropped 59.82%. Avalanche has the fourth-largest defi TVL today with $3.73 billion in value fixed. When Gün Sirer did his interview with Ehrlich, AVAX was down 76% but today the token is down more than 83% in value since its all-time amount high. 65.3% was shed in the last month and 19.8% was lost during the past two weeks. Archives from the Wayback Party show AVAX has slipped in positions among the 13,400 crypto asset market caps. On January 27, AVAX was the 12th goodliest market valuation but today AVAX is the 15th largest market cap.
What do you reflect on about the Avalanche co-founder’s statements? Let us know what you think about this subject in the comments section lower.
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