- AVAX drops over 10% to $24.86, hitting a six-month low amid market stability.
- Investigator ZachXBT debunks Luna Foundation sell-off rumors, pointing to $54.2M AVAX transfer to exchanges.
- Avalanche’s future remains promising with Konami’s NFT platform launch, says Uphold’s Head of Research.
Avalanche’s native token, AVAX, plunged more than 10% in the past 24 hours, defying the broader crypto market’s stability. The sudden drop has sparked speculation and investigations into the factors driving the sell-off, with a prominent crypto investigator suggesting large-scale transfers to exchanges as a potential cause.
As of Friday, AVAX was trading at approximately $28 but has since fallen to a low of $24.86 at press time. This recent crash has erased 38.85% of the value that AVAX gained just a month ago.
This unexpected downturn has prompted market participants to investigate the factors behind the massive sell-off of Avalanche. Some have pointed fingers at the Luna Foundation, claiming the project has begun selling its AVAX holdings.
This view was fueled by the fact that the U.S. regulator recently secured a $4.47 billion settlement with the Terra Luna team. T…
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