This week, the price of Avalanche (AVAX) rose by almost 40%, driven by genuine demand for the cryptocurrency in the market.
The price of AVAX has touched two-year highs, following an impressive 37,9% growth, over the past 7 days. The native cryptocurrency of the Avalanche scalability network It is quoted at around $60 dollars for the first time since May 2022.
According to analysts, AVAX price is benefiting from the real demand that cryptocurrency experiences in the market spot. Many agree that this is the main driving force behind its significant price increase, although it is also the Rise of memecoins is positively impacting the price of AVAX.
Source: CoinMarketCap
Avalanche is one of the largest and most significant DeFi ecosystems currently expanding, with over $1.250 billion in TVL (Total Locked Value), according to DeFi Llama.
AVAX experiences a weekly increase of almost 40%
AVAX has seen a significant 9% increase today and 37,9% over the past 7 days. Currently, its trading volume reaches $2.000 billion per day, with the cryptocurrency trading at around $60,5 per unit.
This cryptocurrency project has established itself as one of the main crypto assets in the market, occupying 9th place in terms of market capitalization. Currently, the market value of AVAX is around $22.850 billion.
Although AVAX’s price is still far from its previous all-time high of $146, which was set in November 2021 during the last cryptocurrency bull run, its recent price surge highlights both the confidence crypto investors and traders have in the project’s true value, as well as the belief in its long-term appreciation potential.
In addition to the demand, adoption and actual use of Avalanche's native cryptocurrency in the market, the increasing technological development of the blockchain network and the expansion of its DeFi ecosystem are also drivers of the price of AVAX. Likewise, the Avalanche Foundation’s embrace of memecoin culture has had a major impact on the cryptocurrency, spurring its current appreciation.
Memecoins take over Avalanche's treasury
Recently, the Avalanche Foundation revealed its holdings of community currencies, including new memecoins Coq Inu (COQ), Kimbo (KIMBO), NumberGoUpTech (TECH), Gecko Inu (GEC), and Avax has no Chill (NOCHILL). All of these coins are based on the Avalanche scalability blockchain.
According to the Foundation, holding these meme cryptocurrencies allows the blockchain network to align more closely with the community, creativity and culture of Web3.
The Foundation stressed that it will continue to move forward with its initiative to support community currencies and will soon include new meme coins in its treasury. All of this in order to support the growth of these projects and to genuinely represent the spirit and uniqueness of the diverse communities that exist in the crypto ecosystem. The Avalanche Foundation also recently revealed the incorporation of new members to its board of directors, to provide additional expertise across all sectors of network development.
Furthermore, the adoption and business use Avalanche’s blockchain offerings by some of the leading names in the traditional financial world, such as JPMorgan and Citi, reinforce the network’s capabilities to offer efficient solutions to real-world problems, which also has a significant impact on its market appreciation.
Continue reading: Citi tokenizes private equity fund using Avalanche subnet
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