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SOL, DOT and AVAX Are Among Biggest Losers on Market With 12% Loss in 24 Hours

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Thu, 02/03/2022 - 12:02
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Arman Shirinyan
Solana, Polkadot and Avalanche are continuously losing their value as the altcoin market starts bleeding
SOL, DOT and AVAX Are Among Biggest Losers on Market With 12% Loss in 24 Hours
Cover image via stock.adobe.com

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Contents

Following the crash on financial markets with META dropping by 25% and Solana Network bridge being hacked for $320 million, numerous altcoins started losing a big portion of their previously gained value.

Solana network in trouble once again

Solana had, probably, the worst month in its history with constant downtimes, congestion and other network-related issues. As a cherry on top, the network-related bug caused the ETH-SOL bridge to lose $320 million worth of funds.

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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.

Avalanche drops to October's level

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.

Avalanche Chart
Source: TradingView

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.

Polkadot loses 10%

The "anti-top" is being closed by Polkadot, which has lost 10% of its value at press time. The coin of the multi-chain protocol is currently experiencing the same issues as Avalanche and Solana because of the decreasing popularity of alternative decentralized protocols.

Polkadot Chart
Source: TradingView

The asset has lost 66% of its value since the ATH of $55. At press time, DOT is trading at $18.

The rise of Avalanche, Polkadot and Solana was more persistent during the increased usage rate of DeFi solutions, which acted as fuel for alternative chains and protocols.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.