Currently, the rumor of AVAX’s bad play to its rivals such as SOL and BNB becomes the hottest topic of great attention and causes a stir in the crypto market. Let’s see notable news on August 29th with Jade Forest Capital.
Avax is accused of “playing dirty” to many projects
The crypto community on Twitter is indignant at the allegations of AVAX playing dirty tricks to several crypto projects after an article from “whistleblower” Crypto Leaks reveals that AvaLabs, the lead developer behind the Avalanche (AVAX), has abused the American legal system to wipe out its competitors including Solana, BNB, and ICP.
Specifically, AvaLabs made a deal with Roche Freedman (an American law firm) to distract the U.S. regulators from the company’s wrongdoings, and assist Avanlanche in being far more respectable in the crypto community while discrediting other rival organizations. Crypto Leaks believes that the previous litigation issues of Solana and Binance stemmed from Roche Freedman’s “conspiracy”.
Noticeably, Avalabs also allocated a large number of AVAX tokens to Roche Freedman as payment for the firm to stage litigations against some of its competitors.
DeGods rises tremendously
DeGods – the Solana-based NFT collection has grown exponentially with the floor price of nearly 600 SOL (USD 18,000) and total trading volume of almost 1 million SOL.
Hence, DeGods becomes the biggest NFT project on Solana by market capitalization and has great potential to bring new currency to the ecosystem’s NFT market.
Crypto market cap dips below 1 billion USD
The plunge of Bitcoin on the first day of the week (August 29th – September 5th) caused the crypto market capitalization to drop below USD 1 billion.
Bitcoin is currently trading at 19,500 – 20,000 USD with the total crypto market capitalization of around $935 billion. Other layer-1 platforms also experienced a sharp drop in market capitalization such as Solana (-2.5%), Cardano (-3.3%), AVAX (-10%), etc.