Avalanche (AVAX) Price Slips Amid Major Platform Outage
Highlights
- Avalanche (AVAX) price drops 3% due to a significant platform outage.
- Ava Labs co-founder addresses outage, citing "esoteric bug."
- Market participants expressed concerns over the reliability of emerging blockchain networks.
In a concerning turn of events, the Avalanche (AVAX) cryptocurrency witnessed a significant platform outage, leading to a drop in AVAX price. Now, the market participants are growing increasingly wary as the platform grapples with issues related to block finalization, leaving many to speculate on the root cause and potential resolution.
Meanwhile, as news of the disruption spread, the AVAX price experienced a slump of over 3%, sparking concerns among the traders.
Avalanche Platform Outage Sparks Concerns
The Avalanche status page issued a statement indicating a “Block Finalization Stall,” with developers actively investigating the issue. Notably, according to the update, the stall in block finalization on the Primary Network is hindering the acceptance of new blocks, leading to operational disruptions.
Meanwhile, Ava Labs co-founder Kevin Sekniqi took to social media platform X to address the situation, acknowledging the ongoing investigation into the primary network’s block production issue. In addition, he mentioned a potential connection to a recent inscription wave launched approximately an hour before the disruption.
Despite the recent outage, Sekniqi assurance has sent some relief to the cryptocurrency community. Notably, describing the incident as an “esoteric bug” stemming from untested edge cases, he assured users that efforts were underway to resolve the issue swiftly.
Also Read: FTX To Sell EU Assets After Dismissing $323 Mln Lawsuit Against Europe Wing
Price Performance & Comparison To Solana Outage
The outage has prompted discussions within the crypto community, drawing comparisons to the recent Solana blockchain network outage. Just earlier this month, Solana experienced a significant downtime lasting nearly five hours, rendering the platform non-functional.
Now, with both Avalanche and Solana encountering disruptions within a short timeframe, social media users are actively debating the reliability and scalability of emerging blockchain networks.
Meanwhile, as of writing, the Avalanche price slipped 3.08% and traded at $36.38, while its trading volume slipped 16.83% to $422 million. Notably, the AVAX crypto has lost nearly 12% in the last seven days, while noting monthly gains of 30%.
Also Read: PEPE 2.0- What Is It and Why It’s Trending?
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
