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Avalanche, a rival to Ethereum that has garnered significant attention from Turkish cryptocurrency investors, is facing challenging times. Recently, Stars Arena, the most popular protocol on the network, was hacked, which had a negative impact on AVAX price. Now, the most important DeFi protocol in the Avalanche ecosystem is under attack.
Trader Joe (JOE) Lawsuit
Hardly a day goes by without an event that makes waves in the world of cryptocurrencies. Many altcoins have been sued by regulators, and we have also seen lawsuits filed by a portion of the community, similar to the UniSwap incident. However, the recent lawsuit against Trader Joe is somewhat different.
American supermarket chain Trader Joe’s has filed a lawsuit against a DeFi platform that bears a strikingly similar name. Trader Joe and its co-founder Cheng Chieh Liu will go to court, accusing the platform of infringing on the supermarket chain’s name rights. This was somewhat expected, as JOE Token investors often come across the supermarket chain Trader Joe’s when following developments related to the protocol. Most likely, the company’s legal team was experiencing the same thing.
Lawyers pointed out that the DeFi platform is closely associated with the supermarket’s brand. They also objected to the crypto firm’s logo, which includes an image of a person wearing a red hat with the words “Trader Joe.”
Red is also a dominant color used by the Avalanche network, where the DEX was originally launched.
The plaintiffs stated that they had previously sent a warning letter to the defendants, but received no response. According to Token Terminal, Trader Joe, launched by an anonymous team in 2021, is one of the key building blocks of the Avalanche ecosystem.
AVAX and JOE Coin Price
Avalanche’s price had already suffered a major blow due to the Stars Arena hack before the decline in BTC. The price, which was targeting $12, suddenly dropped below $10. The SocialFi platform called Stars Arena is still undergoing maintenance. In addition, the filing of a lawsuit against the network’s most powerful DeFi platform could further cause the price to drop.
For now, the AVAX price seems to have recovered from $9.3, and the news of the lawsuit, which was released a few hours ago, did not initially have a significant impact on the price.
So, did JOE Coin drop? During yesterday’s BTC volatility, the price dropped to $0.24. However, at the time of writing, it is trading below this level.
The last 4 candles (1-hour timeframe) indicate a continued decline to $0.198 and $0.165 with red and closes below $0.21.
