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In this article, we will explore a significant issue with the Avalanche network, why it is down and its impact on the AVAX currency value. AVAX price is currenltly standing at $36 and it dips 1.8% in just short period of time.
Avalanche Experiences Major Outage
Avalanche, recently encountered a severe problem causing its system to stop functioning properly. This glitch has halted the process of adding new information to the system, similar to when a website fails to load. As a direct consequence, the value of Avalanche’s currency, AVAX, has dropped. This decline in value is similar to finding out that an item you’ve invested in has lost its worth overnight.
Investigating Avalanche primary network block production issue right now. Seems to be related to a new inscription wave launched about an hour ago.
— Kevin Sekniqi 🔺 (@kevinsekniqi) February 23, 2024
The Ripple Effect on AVAX Price
Following the news of this outage, the price of AVAX saw a significant decrease. This situation is akin to the depreciation of a product’s price due to a defect. Previous incidents of smaller scale were swiftly addressed, but the current major outage presents a more challenging situation to overcome. Efforts are underway to rectify the issue, which arose from attempts to introduce a new feature aimed at enhancing the network’s capabilities.
Conclusion
Currently, the Avalanche community is in a state of anticipation, waiting for a resolution to restore normalcy to the network and stabilize the AVAX price. This incident highlights the vulnerabilities in the digital currency world, where technical problems can lead to immediate financial implications. The focus now is on resolving the outage swiftly to regain trust and value in the AVAX currency.
Where to Buy AVAX?
Bitget stands out as a viable platform to purchase AVAX. Known for its security and user-friendly interface, Bitget makes starting your cryptocurrency investment journey straightforward. To buy AVAX on Bitget, simply create an account, complete the necessary KYC procedures, deposit funds, and execute your purchase.
