🚀 Avalanche blockchain has received much interest from the crypto community shortly after Solana was revived. AVAX recently overtook DOGE and managed to enter the top 10 ranking coins according to Marketcap. AVAX began rising in October 2023, after a prolonged bear market period.
The price of Avalanche (AVAX) is $37.42 today, which represents a -10.28% price decline in the last 24 hours and a 400.00% price increase in the past 2 months.
The interest in the Avalanche network came shortly after Solana meme coins started popping off. BONK, one of the main dog-based meme coins on Solana rose over 10,000% in just two weeks hitting a peak market cap of $2.7 billion.
Coq Inu Is Driving Volume Into Avalanche
As BONK is cooling off from its recent run, a new meme coin on Avalanche is taking the attention of crypto investors.
Coq Inu, a Cock-based meme coin launched on Avalanche less than two weeks ago and is already up more than 3,000%.
Coq Inu is currently sitting at a $119 million market cap, with the promise of rising even higher. Meanwhile, the new volume on Avalanche’s C-chain has seen gas fees on the network increase, hitting 5,110.30 nAVAX (~$4.41).
While several times higher than Solana, Avalanche’s gas fees are still lower than Ethereum’s. In addition to Coq Inu, a barrage of meme coins was created as degen traders moved volume to AVAX to try and capture some of the gains.
In the past week alone, over $20 million was spent on gas fees for Avalanche. Inscriptionson the network contributed to 72% of the gas fees on the C-Chain.
Memecoins always precede bull runs, and this cycle is no different, only grander. Talk of moving to an Injective network after Avalanche has some traders already setting up Injective wallets in readiness for meme coins on the network.
