AXL Price Drops 18% as Circle Excludes Token from Acquisition

Key Points:

AXL, the cryptocurrency of Axelar Network, has dropped 18% in the last 24 hours due to selling pressure.
This decline follows Circle Internet Group's acquisition of Interop Labs but excludes the AXL token.
The Axelar Network and AXL token will continue independently, governed by the community with Common Prefix leading development.
Circle's acquisition focuses on engineering talent and intellectual property, not native tokens like AXL.
AXL holders do not benefit directly from the acquisition through buybacks or governance rights.
Common Prefix will expand its role in maintaining the Axelar ecosystem and focus on institutional adoption and validator incentives.

For more details, refer to the original announcement by Circle.