---
title: What's Driving Token Prices? (August 31, 2022)
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving AVAX, SNX, and HT token prices in the digital asset ecosystem this week (8/31/2022).
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

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# What's Driving Token Prices? (August 31, 2022)

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 Aug 31, 2022

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **AVAX (-17%)** - Layer 1 protocol Avalanche has been the subject of a scandal this week after online “whistleblower” publication Cryptoleaks released an article accusing Ava Labs, the company building the Avalanche chain, of actively trying to sabotage other Layer 1s. The report alleges that Ava Labs contracted law firm Roche Freedman to collect confidential information on rival Layer 1s and launch class-action lawsuits against them. Ava Labs and Avalanche have vehemently denied the allegation. The token initially dropped 12% on the news but has since recovered those losses as the law firm involved and Avalanche founder, Emin Gün Sirer, publicly refuted the article.
- **SNX (-5%)** - Kain Warwick, the founder of decentralized derivative protocol Synthetix, put forward a proposal last week to stop SNX inflation and cap the total supply at 300m tokens. Synthetix was the first DeFi project to pilot using yield farming as a way to bootstrap its network and grow customers. In the proposal, Kain states that revenues earned from product lines are now growing enough to encourage users to stake SNX without the added inflationary rewards. Synthetix commands 3% of the decentralized derivative market share (on a volume basis) with $72M in annualized revenues,e while inflation on Synthetix is very low at 3%.
- **HT (-1.4%)** - Earlier this week, Sam Bankman-Fried, the founder of FTX, dispelled rumors that he was looking to acquire the centralized exchange Huobi. A few weeks ago, it was reported  that one of Huobi’s co-founders was looking to sell his 30% stake to either Sam Bankman-Fried or Justin Sun, the founder of Tron. Upon these initial reports, the Huobi Token shot up 23%; following SBF’s tweet, HT has traded down 9%.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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