SOL, DOT and AVAX are among the biggest losers in the market with a loss of 12% in 24 hours


Arman Shirinyan

Solana, Polkadot and Avalanche Constantly Losing Value as the Altcoin Market Starts to Bleed

After the crash in the financial markets, where META fell by 25% and the Solana Network bridge was hacked for $320 million, numerous altcoins began to lose much of their previously acquired value.

Solana network in trouble again

Solana probably had the worst month in its history with constant downtimes, congestion and other network-related issues. As icing on the cake, the network-related bug caused the ETH-SOL bridge to lose $320 million in cash.

The project’s coin immediately reacted to the unfortunate event, dropping 6.6% in addition to a market-related decline that led Solana to $102.

Avalanche drops to October level

While Avalanche had a great time during the market correction, it failed to maintain the same price level and fell 55% since its ATH. Currently, AVAX is trading at $65, which is the price level previously observed in October and early November when the asset just started its rally to $140.

Source: Trading Display

The rapid decline in the token’s value is most likely linked to the declining popularity of alternative chains that were less in demand during the cryptocurrency market correction.

Polka Dot loses 10%

The “anti-top” is being closed by Polkadot, which has lost 10% of its value at the time of going to press. The multi-chain protocol currency is currently experiencing the same problems as Avalanche and Solana due to the declining popularity of alternative decentralized protocols.

Source: Trading Display

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

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

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