Now Trading at Two-Year Lows, Is This Once High-Flying Crypto Seriously Undervalued?
Former high-flying crypto Avalanche (CRYPTO: AVAX) continues to crash to new lows. Now trading at a price under $10, Avalanche is down almost 20% for the year and 94% below its all-time high from just two years ago.
While the near-term outlook for Avalanche may not be much to get excited about, is there a case for Avalanche as a long-term value play? There are two key factors that would seem to suggest that Avalanche is extremely undervalued heading into the final quarter of 2023.
Yes, overall user growth and transaction activity on the Avalanche blockchain appears to be in decline. And, yes, just about every key metric is well below previous highs. For example, take total value locked (TVL), which is a key indicator of overall strength in decentralized finance. Two years ago, TVL for Avalanche stood at $11 billion; today, it stands at a paltry $500 million.
Source Fool.com
