Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact

Avalanche, the blockchain platform poised for a major event in the month of love, is gearing up for a significant development. As February unfolds, the cryptocurrency market is anticipating the release of nearly $900 million worth of vested tokens from a diverse array of projects.

Timeline of Avalanche

On January 4, 2024, Grayscale Investments strategically reshaped its Digital Large Cap Fund portfolio, as revealed in its SEC filing. The firm incorporated XRP and AVAX, influenced by XRP's legal resolution and CNBC visibility.

Prominent digital asset manager Grayscale recently adjusted the weightings of key products within its portfolio. Notably, changes were made to the Grayscale Digital Large Cap Fund, Grayscale DeFi Fund, and Grayscale Smart Contract Platform Ex-Ethereum Fund.

Folks Finance, the DeFi app on Algorand, continues its expansion into new networks by bringing xALGO into the Avalanche ecosystem. Powered by Wormhole technology, this is reportedly “the first Avalanche-Algorand cross-chain DeFi product available.

Yesterday, Dec. 29, 2023, Avalanche Foundation, a non-profit behind the ecosystem of Avalanche (AVAX) high-performance L1, announced the decision to add some meme coins to its portfolio. Emin Gün Sirer addressed the concerns and criticism of skeptics.

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.

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.