Avalanche, Terra, ThorChain Hit by Midweek Market Slump
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Several major tokens from the top 100 suffered losses amid a pullback in the crypto market.
While most of the top cryptocurrencies dipped by just a couple of percent over the past 24 hours, LUNA, the native token of algorithmic stablecoin platform Terra, saw losses of over 10% today.
At press time, the token had begun to recover, currently trading at $26.70, down 7.1% on the day, according to crypto metrics platform CoinGecko.
The price of RUNE, the native token of decentralized liquidity network ThorChain, is similarly down by about 4%, hovering around $9.50.
Cosmos’ coin ATOM also slipped down to $18.33 today, down 2% in the past 24 hours.
Meanwhile, it looks like Avalanche’s (AVAX) price rally, which started last week, has finally come to a halt.
While the price of AVAX has more than doubled over the past week, the token dropped by over 14% today, trading at around $43.17—down from its highs of $50 yesterday.
On August 18, Avalanche’s bull run gained momentum after its developers announced a new $180 million mining incentive program for blue-chip decentralized finance (DeFi) projects.
Popular DeFi platforms Aave and Curve Finance were among the first ones to join Avalanche’s new initiative, giving a boost to its token along the way.
