- A meme coin on the Avalanche network is witnessing a spike in interest.
- AVAX’s price rose despite a decline in activity on the network.
The meme coin craze has taken the crypto world by storm, with the Solana [SOL] network that benefits from the renewed interest in the sector.
Avalanche [AVAX] has had its eye on the space for quite some time and has also recently shown some growth.
A rise in technology
AVAX’s meme coin TECH has gained massive popularity over the past 24 hours as its price rose 15%. This price increase can be partially attributed to a tweet from Ava Labs CEO Emin Gun Sirer.
At the time of writing, TECH was trading at $0.004802.
Source:
However, this tweet was not a one-off event. The Avalanche Foundation has actively tried to support the creation of meme coins as it is part of their larger vision for the Avalanche Network.
Avalanche vs. Solana
Although Avalanche’s meme coin sector gradually began to gain attention in the crypto space, it was no match for Solana’s burgeoning meme coin ecosystem.
One of the most important indicators of the popularity of meme coins in an ecosystem is the DEX (Decentralized Exchange) volumes on a given network.
AMBCrypto’s analysis of Artemis’ data showed that DEX volumes on Solana were much higher than Avalanche at the time of writing.
Source: Artemis
In terms of activity, there wasn’t much of an increase on the Avalanche network. The number of daily active users on the Avalanche network remained stable at an average of 63,000 users.
The number of transactions on the network also remained largely the same.
Source: Artemis
How much are 1,10,100 AVAXs worth today?
Look at AVAX
Despite the sudden popularity of the meme coin on Avalanche, it was clear that the protocol would still need a lot more attention to beat its competitors.
At the time of writing, AVAX was trading at $47.04, and its price was up as much as 7.16% over the past 24 hours. The volume on which AVAX traded was also up 212.91% during this period.
Source: Santiment