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Avalanche Network Sees Surge in Meme Coin Interest
The Avalanche network has recently experienced a surge in interest surrounding meme coins, particularly with the notable spike in the price of AVAX despite a decline in network activity. This surge in interest has been attributed to the growing popularity of meme coin TECH, which saw a 15% price increase in the last 24 hours, partly due to a tweet by Ava Labs CEO Emin Gun Sirer. The Avalanche Foundation has been actively supporting meme coin creation as part of its larger vision for the network.
Comparison with Solana Network
While Avalanche’s meme coin sector has been gaining attention, it has not matched the burgeoning meme coin ecosystem on the Solana network. Decentralized Exchange (DEX) volumes on Solana were found to be significantly higher than those on Avalanche. Additionally, there has been minimal growth in daily active users and transaction volumes on the Avalanche network, with an average of 63,000 users and consistent transaction levels.
Current Value of AVAX
As of the latest update, the price of AVAX stands at $47.04, reflecting a substantial 7.16% surge in the last 24 hours. The trading volume of AVAX has also increased by 212.91% during this period, indicating heightened market activity.
Conclusion
Despite the recent surge in interest in meme coins on the Avalanche network, it is evident that the protocol will require further attention and activity to compete with its counterparts. The network’s performance, particularly in comparison to Solana, highlights the need for increased engagement to achieve sustained growth and competitiveness in the meme coin sector.
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