Avalanche, the decentralized finance (defi) project, has defied market trends by experiencing a remarkable 132% increase in price since last year. This surge has helped the project’s market cap soar over $13 billion.
Over the past three months, Avalanche has been generating significant attention in the crypto community, attracting DeFi traders to its platform. The project’s high throughput and scalability have been key factors in attracting developers and users, resulting in record monthly active users on the network. The Avalanche Foundation oversees the network and ensures its smooth operation.
In an unexpected move, the Avalanche Foundation announced its plans to acquire a collection of meme coins through its “Culture Catalyst” initiative. This initiative aims to diversify the foundation’s portfolio and explore new possibilities within the crypto space. The foundation has outlined specific criteria for selecting meme coins, including factors such as the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment.
Currently valued at $36.36, Avalanche has experienced a 4.32% increase in the past seven days. With a circulating supply of 370 million AVAX, the project’s market cap has surpassed $13 billion. The support level for AVAX 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 leading Web3 trading wallet, has recently integrated support for tokens on the Avalanche chain through Bitget Swap. This integration allows users to access real-time candlestick chart data and detailed on-chain transaction information seamlessly 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. With cross-chain bridges and the integration of protocols like Swft and Bungee, the wallet facilitates same-chain and cross-chain transactions for Avalanche mainnet tokens. Innovative features such as gas-free transactions and automatic slippage adjustment provide users with a fast, convenient, and cost-effective on-chain trading experience.
In summary, Avalanche has demonstrated significant growth in the defi space, with a substantial increase in price and market cap. Its appeal to developers and users, as well as its unique initiative to acquire meme coins, have contributed to its success. Additionally, the integration of Avalanche tokens in Bitget Wallet has further enhanced the trading experience for users.