- A meme coin on the Avalanche network witnesses a spike in interest.
- The price of AVAX surged despite a decline in activity on the network.
The meme coin craze has taken the crypto world by storm, with the Solana [SOL] network benefiting from the renewed interest in the sector.
Avalanche [AVAX] has had its eyes set on the space for quite some time and recently showed some growth as well.
A surge in TECH
AVAX’s meme coin TECH gained massive popularity over the last 24 hours, as its price surged by 15%. This surge in price could be attributed, in part, to a tweet by Emin Gun Sirer, the CEO of Ava Labs.
At press time, TECH was trading at $0.004802.
Source: X
However, this tweet wasn’t a one-off event. The Avalanche Foundation has been actively trying to support meme coin creation, as it is a part of their larger vision for the Avalanche network.
Avalanche vs Solana
Even though Avalanche’s meme coin sector was starting to gradually attract attention in the crypto space, it was no match for Solana’s budding meme coin ecosystem.
One of the major 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 that of Avalanche at press time.
Source: Artemis
In terms of activity, there wasn’t much of an uptick observed on the Avalanche network. The number of daily active users on the Avalanche network remained stagnant at an average of 63,000 users.
The number of transactions occurring on the network also remained largely the same.
Source: Artemis
How much are 1,10,100 AVAXs worth today?
Looking at AVAX
Despite the sudden popularity of the meme coin on Avalanche, it was evident that the protocol would still need a lot more eyeballs to outperform its competitors.
At press time, AVAX was trading at $47.04, and its price had surged by a massive 7.16% in the last 24 hours. The volume at which AVAX was trading at had also increased by 212.91% during this period.
Source: Santiment