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- Avalanche Foundation to embrace memecoins.
- Overall activity on Avalanche network continued to decline while prices suffered.
In the last few months, Solana [SOL] witnessed a massive surge in interest. A large part of this interest was driven by memecoins that were gaining popularity on the network.
Taking a page from the Solana book, Avalanche [AVAX] decided to announce that it would be investing in the memecoin sector on its network.
Going all in
Due to the uncertainties and fraudulent behavior around memecoins, Avalanche announced some criteria that would make memecoins eligible for their investments. Some of the criteria include things such as a high holder count, low concentration and snipe bot resistance.
The Avalanche Foundation recognizes the importance of fostering and supporting community initiatives on Avalanche, including the creativity and culture of community coins.
The Foundation has reserved a portion of the Culture Catalyst program to include community coins, doing so…
— Avalanche 🔺 (@avax) January 23, 2024
Even though these factors may safeguard users from the usual pitfalls of investing in memecoins, the overall state of the Avalanche network still remained bleak.
In terms of daily activity, the number of daily active users fell from 87,000 to 53,000 in the last few weeks. In tandem, the number of daily transactions occurring on the network also fell.
At the time of writing, the number of transactions occurring on the network amounted to 276,140.
Only time will tell whether Avalanche will be able to attract new users to the protocol through its memecoins in the future.
Source: Artemis
Things weren’t going well for Avalanche in the DeFi department as well. According to recent data, the total value locked (TVL) of Avalanche fell significantly in the last few days.
A large part of the decline in the TVL was due to the lowering of DEX volumes on the Avalanche network. A declining DEX volume suggested that addresses were losing interest in DEXes on Avalanche.
The lowering activity on the network and declining interest in the DeFi sectors.
Source: Artemis
Read Avalanche’s [AVAX] Price Prediction 2024-25
Moreover, the price of AVAX wasn’t doing too well either. At press time, AVAX was trading at $29.89 and its price had fallen by 0.52% in the last 24 hours.
The volume at which AVAX was trading had also declined during this period. Even though interest in memecoins could help AVAX momentarily, in the longer run, improvement across all sectors would be needed to see growth.
Source: Santiment
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