The project's coin immediately reacted to the unfortunate event and dropped by 6.6% in addition to a market-related drop that led Solana to $102.While having a blast during the market's correction, Avalanche failed to maintain the same price levels and dropped by 55% since its ATH. Currently, AVAX trades at $65, which is the price level previously observed in October and the beginning of November, when the asset just started its rally to $140.
The rapid drop of the value of the token is most likely tied to the decreasing popularity of alternative chains that were demanded less during the cryptocurrency market correction.The"anti-top" is being closed by Polkadot, which has lost 10% of its value at press time.