Avalanche (AVAX), dubbed the “Ethereum killer,” has plunged to more than 16% following the disastrous crypto market scenario. Other crypto tokens that are also competitors to Ethereum have had massive double-digit losses in the last 24 hours.
AVAX, considered the 13th biggest cryptocurrency with a market cap of $7.6 billion, has dramatically sloughed off over 16% of its TVL in the past few hours, and is now trading at $27.94.
AVAX Treading The Bearish Path
AVAX is leading the bearish action, which has placed the token down by 80% compared to its all-time high, which registered an impressive $146.22 in November 2021.
The downward trend is triggered by the sluggish growth of different DeFi projects hedged on Avalanche.
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Avalanche – Ethereum Rival
Ethereum is said to be slow and expensive in pricing, which paved the way for the creation of Avalance, which is eco-friendly, fast, and affordable.
Avalance was created by Ava Labs, co-founded by Kevin Sekniqi, Emin Gün Sirer ..
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