Avalanche (AVAX) Meme Coins Frenzy Kicks Off: Main Reason

The meme coin euphoria on Ethereum (ETH) and Solana (SOL) blockchains resulted in dozens of magnificent pumps of "dog coins" and "cat coins." High-performance L1 blockchain Avalanche (AVAX) might be the next "hotbed" for meme coin fans.

Timeline of Avalanche

An analysis by blockchain analytics platform Kaiko revealed that XRP and Dogecoin (DOGE) are among the top four most liquid cryptocurrencies, only trailing Bitcoin (BTC) and Ethereum (ETH). This finding challenges the conventional wisdom that market capitalization is a wholesome metric for evaluating a cryptocurrency's price, and thus, liquidity.

Several Avalanche-based memecoins are up more than 100% today after the blockchain network's Foundation revealed plans to start buying this class of digital assets through its Culture Catalyst initiative. Memecoin purchase goals In a Dec.

Avalanche says it will utilize its $100 million NFT incubator initiative to start investing in select memecoins, which it says encourages the “culture and fun” brought about by meme-derived tokens.

The cryptocurrency market recorded a significant performance in 2023, and altcoins such as Solana, Avalanche, and Helium stole the show as they brought unique tales to the digital assets world.

The digital assets landscape in 2023 witnessed stellar performances from Solana (SOL) taking the spotlight as a standout performer. Alongside Solana, Helium (HNT), Avalanche (AVAX), and Stacks (STX) showcased impressive surges, with each bringing a unique narrative to the crypto saga.

Avalanche (CRYPTO: AVAX) and Solana (CRYPTO: SOL), have surpassed Dogecoin (DOGE) and Binance Coin (CRYPTO: BNB) in market capitalization respectively, according to data by CoinMarketCap. What Happened: AVAX on Thursday surged over 16%, while SOL increased 8% in the last 24 hours.

A well-known person in the blockchain world, famous for making good predictions about the market, is talking about two cryptocurrencies: Avalanche (AVAX) and Fetch.ai (FET). AVAX is all about smart contracts, and FET focuses on artificial intelligence.

A widely followed crypto trader is predicting more rallies for smart contract protocol Avalanche (AVAX) and artificial intelligence (AI)-focused altcoin Fetch.ai (FET). Pseudonymous analyst Altcoin Sherpa tells his 201,600 followers on the social media platform X that Avalanche is likely not yet done rallying.

In a groundbreaking move, Masa has launched its zk-data network, a marketplace built on a subnet powered by Avalanche's AvaCloud. This innovative platform is set to disrupt big tech data silos, incentivizing a consented and verified data marketplace between data providers and consumers.

Avalanche (CRYPTO: AVAX) has eclipsed Dogecoin (CRYPTO: DOGE) to claim the ninth spot on CoinMarketCap's leaderboard of the top 100 cryptocurrencies. What happened: The market value of Avalanche has swelled to $14.23 billion at the last count, edging out Dogecoin's $13.64 billion market cap.