The rise and fall of the crypto world dynasty is told in a week, one of the representative works: $AVNT

Main reasons for the decline:
1. Selling pressure after listing: In mid-September, AVNT was listed on major exchanges such as Binance and Upbit, leading to an initial surge (overall +281% in September). Airdrop recipients and early buyers began to take profits and sell. A large new supply flooded the market, causing a price collapse.

2. Airdrop Sybil Attack Incident: The Season 3 airdrop that started on September 9 was reported to have a Sybil attack (one person with multiple accounts manipulating), with one entity suspected of manipulating tokens worth approximately $4M . This damaged community trust, triggered FUD (fear, uncertainty, doubt), and accelerated selling.

3. Whale/Internal Wallet Sell-off: Multiple large wallets (including suspected internal or VC wallets) transfer and sell tokens to exchanges, such as a whale transferring 2.5 million AVNT. Although the team claims part of it is for exchange wallets, the community questions the lock-up commitment (pre-sale raised $12M, promised 12 months lock-up), intensifying panic.

4. Overall market correction + profit taking: The crypto market has declined this month, with AVNT acting as a high beta asset (amplified volatility), compounded by investors taking profits after the surge in early September. Despite record perpetual contract trading volume ($7.4B this month), it was unable to offset the selling pressure.

5. Increased Competition: The competition in the DEX field is intense, as Aster recently handled $42B 24h in volume, seizing market share from AVNT.