- Avalanche (AVAX) has experienced an exceptional 132% surge in the past year within the decentralized finance (DeFi) space, defying market trends.
- The platform’s success is attributed to its high throughput, scalability, and unconventional investment strategy, marked by the acquisition of meme coins, leading to a current market cap surpassing $13 billion.
Avalanche’s Unprecedented Surge Defies Market Trends
In a remarkable feat within the decentralized finance (DeFi) space, Avalanche (AVAX) has surged by an impressive 132% over the past year, defying the ebb and flow of the market.
Avalanche Ascending: The DeFi Community’s Darling
Over the last three months, Avalanche has been dominating headlines in the crypto community, attracting a swarm of DeFi traders. The platform’s appeal lies in its high throughput and scalability, evident from its record-breaking monthly active users (MAU). Monitoring this explosive growth is the Avalanche Foundation, the entity responsible for overseeing the network.
In a surprising move in December, the Avalanche Foundation announced plans to acquire a set of meme coins through its “Culture Catalyst” initiative. This move, announced via Twitter, aims to diversify the foundation’s portfolio and explore new possibilities within the Avalanche ecosystem.
Diversifying with Memes: Avalanche’s Unconventional Investment Approach
The foundation outlined specific criteria for selecting meme coins, including the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment. Defending this unconventional investment, the Avalanche Foundation emphasized that meme coins go beyond conventional utility assets. Instead, they are seen as embodiments of collective spirit and shared interests within diverse crypto communities.
Avalanche’s Market Performance
As of the latest update, Avalanche is valued at $36.36, marking a notable 4.32% increase in the past seven days, according to CoinGecko. With a circulating supply of 370 million AVAX, the market cap has surged past $13 billion. The support level is identified at $31, with $48 acting as a resistant threshold. The Relative Strength Index (RSI) value, at 61 on the weekly timeframe, indicates a balanced market sentiment.
Bitget Wallet Integration: Expanding Accessibility
Bitget Wallet, a globally recognized 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’s support for cross-chain bridges and integration of protocols like Swft and Bungee enables users to perform both same-chain and cross-chain transactions for Avalanche mainnet tokens.
In conclusion, Avalanche’s outstanding performance in both price and network activity, coupled with its unconventional investment strategy, positions it as a formidable player in the ever-evolving landscape of decentralized finance.