Avalanche, a smart contract platform, saw its token AVAX plummet by nearly 7% on Saturday, June 22. Despite a recent partnership with Konami Digital Entertainment to launch an NFT platform, Resella, AVAX failed to sustain its value. The token's social dominance, a measure of its relevance among traders, hit a near three-month high, according to Santiment data.

AVAX's price correction came as a surprise, given its recent gains. The token is currently trading at $25.88 on Binance, down from its previous high. On-chain analyst ZachXBT attributed the decline to a large deposit of over $52 million, allegedly linked to a hack on Turkish crypto exchange BtcTurk. However, the exchange has yet to confirm the incident.

ZachXBT traced the entity responsible for the deposit, which withdrew over $46 million in Bitcoin from centralized exchanges Binance and Coinbase. The analyst believes the entity's activity is related to the alleged hack, although there is no concrete evidence. FXStreet has reached out to BtcTurk for comments, but none have been received.

The decline in AVAX's value highlights the volatility of the cryptocurrency market. Despite its recent gains, the token remains susceptible to sudden corrections. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.

In conclusion, Avalanche's AVAX token experienced a significant decline in value, wiping out nearly 7% of its worth. The incident serves as a reminder of the risks involved in investing in cryptocurrencies. As the market continues to evolve, investors must remain vigilant and informed to make informed decisions.