Market Cap Soars to 132% Higher Than Last Year
Avalanche (AVAX) has been defying market trends with an impressive 132% price increase in the decentralized finance (defi) space. This has caught the attention of the crypto community, as DeFi traders are flocking to Avalanche.
Avalanche’s platform is highly attractive to developers and users due to its high throughput and scalability. This is evident in the record monthly active users (MAU) on its network, which is monitored by the Avalanche Foundation.
In an interesting move, the Avalanche Foundation announced plans to acquire a collection of meme coins through its “Culture Catalyst” initiative. Through Twitter, the foundation expressed its intention to diversify its portfolio and explore a wider range of possibilities with selected Avalanche-based meme coins. Criteria for selection include the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment.
The foundation believes that meme coins go beyond conventional utility assets, as they embody the collective spirit and shared interests within diverse crypto communities.
Currently valued at $36.36, Avalanche has seen a 4.32% increase in the past seven days, according to CoinGecko. With a circulating supply of 370 million AVAX, the market cap has surged to over $13 billion. The support level is $31, while $48 is acting as a resistance level. The Relative Strength Index (RSI) value of 61 on the weekly timeframe indicates a balanced market sentiment.
Bitget Wallet, a world-leading Web3 trading wallet, has recently integrated support for tokens on the Avalanche chain through Bitget Swap. This integration allows users to seamlessly access real-time candlestick chart data and detailed on-chain transaction information on both mobile and browser extension wallets. Bitget Wallet has aggregated over 10 leading trading protocols on Avalanche, including Trader Joe, SushiSwap V2, and 1inch. The wallet also supports same-chain and cross-chain transactions for Avalanche mainnet tokens through cross-chain bridges and integration of protocols like Swft and Bungee. Users can enjoy a fast, convenient, and gas-free on-chain trading experience with innovative features like gas-free transactions and automatic slippage adjustment.
In conclusion, Avalanche’s impressive price increase and its initiatives, such as the acquisition of meme coins and integration with Bitget Wallet, have put it in the spotlight of the crypto community.
