- Avalanche has been on a tear, growing by 132% in the past year.
- The protocol is tilting positively toward memecoins with plans to invest in some residents on the network.
Avalanche (AVAX) has emerged as a resilient protocol, boasting an impressive 132% price increase over the past year. This remarkable surge is even more noteworthy given the challenging shifts observed in the broader crypto market over the past year.
Avalanche’s Rise in the DeFi Space
Currently trading at $36.32, AVAX has printed an 8.8% increase in the past week, showcasing a market cap of $13.2 billion and a 24-hour trading volume of $572.3 million. With a circulating supply of 370 million AVAX, the crucial support level stands at $31, while $48 is acting as a major resistance level.
One key indicator to note is the Relative Strength Index (RSI) value, currently at 61 on the weekly timeframe. This implies a balanced market sentiment, indicating that the recent surge in AVAX’s price is not merely a result of speculative trading but is supported by a healthy market trend.
Avalanche has been a consistent headliner in the crypto community for the past three months, with DeFi traders flocking to its underlying applications. The network’s high throughput and scalability have attracted both developers and users, leading to a record number of Monthly Active Users (MAU). The Avalanche Foundation, responsible for overseeing the network, has played a pivotal role in fostering growth and development.
In an unexpected move, the Avalanche Foundation announced plans to acquire a set of meme coins through its “Culture Catalyst” initiative. Through a post on X, the non-profit organization expressed its intention to build a curated collection of selected Avalanche-based meme coins, aiming to diversify its portfolio and explore new possibilities.
The criteria outlined for selecting meme coins include the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment. The foundation justified this unconventional investment by stating that meme coins represent more than just conventional utility assets and emphasized that they embody the collective spirit and shared interests within diverse crypto communities.
Meanwhile, Bitget Wallet, a prominent Web3 trading wallet, has recently integrated support for tokens on the Avalanche chain through Bitget Swap. This integration enables users to access real-time candlestick chart data and detailed on-chain transaction information seamlessly on both mobile and browser extension wallets. With over 10 leading trading protocols on Avalanche aggregated by Bitget Wallet, users can enjoy fast, convenient, and gas-free on-chain trading experiences.
Avalanche’s NFT Boom
Avalanche has also experienced a surge in Non-Fungible Tokens (NFTs) activity lately, with active addresses witnessing notable growth.
This NFT boom has been fueled by the platform’s compatibility with the Ethereum Virtual Machine (EVM), allowing for the seamless migration of existing projects. The positive momentum in the NFT sector has the potential to positively impact the overall health of the Avalanche network, creating a dynamic and thriving ecosystem.
This NFT boom on Avalanche was responsible in part for the revival of the protocol as it went from $8.9154 to a high of $48.33.
