Interest in AVAX is highest among cryptocurrencies after allegations of anti-competitive practices by Ava Labs, the company behind Avalanche. Serious claims against the company negatively impacted the price of AVAX, with a 17% drop from the existing price. AVAX’s price recovery was swift, however, after the asset hit 7-week lows at one point. Crypto group CryptoLeaks has accused Ava Labs of making a concerted effort to harm competitors and avoid any form of regulation. The group claimed that the company’s anti-competitive practices involved entrapping its rivals in legal action.
Propaganda against avalanches?
However, voices are being raised against the allegations, with some influencers calling the whole episode paid propaganda. Crypto influencer Cobie thinks the talk could be part of propaganda against Avalanche. Andrew T of Nansen AI is of the opinion that the authors were inciting CryptoLeaks to create a narrative against the company.
Meanwhile, AVAX price has largely recovered from Monday’s decline after exposure was broken. At one point, the cryptocurrency traded at around $17.60 before rallying back over $19. At the time of writing, AVAX Price sits at $19.10, up 5.88% in the last 24 hours, according to CoinMarketCap. This is compared to the $19.77 range it was holding before the sharp drop.
Social interest in AVAX peaks ahead of price recovery
When news of the Avalanche exposure broke, the crypto community was very interested in knowing what really happened. According to findings from crypto markets data provider Santiment, AVAX was in the hottest topic in the crypto space. In fact, the cryptocurrency took a huge hit with the price hitting a 7-week low at one point.
“Avalanche is the hottest topic in #crypto following a claim that its blockchain was attempting to manipulate regulatory systems. After hitting a 7-week low about 9 hours ago, AVAX has been up +7.5% since. »
After hitting lows thanks to Cryptoleaks exposure, AVAX’s price rally did not extend beyond a few hours. Meanwhile, Miles Deutscher, a crypto investor, felt there was a need for more clarity on the issue. Much more clarity is still needed from the team regarding the nature of their legal representation, he said in a tweet.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.