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Avalanche (AVAX): The Dark Horse of 2024’s Crypto Race – Unpacking the AVAX Meme Coin Hype

Avalanche (AVAX) is on the rise amid hype for Avalanche meme coins, but as AVAX meme coins explode - what's the story behind the hype?

Avalanche (AVAX) is on the rise amid hype for Avalanche meme coins, but as AVAX meme coins emerge as the latest trending blockchain for traders – what’s the story behind the hype?

Halloween might be months away but Avalanche (AVAX) is in a Michael Myers mood as Kevin Sekniqi, co-founder of Avalanche, recently set his sights on Ethereum.

Labelling Avalanche an “Ethereum Killer“, Sekniqi highlighted Avalanche’s unique proposition as a smart contract blockchain promising “blazingly fast, low cost, and eco-friendly,” Avalanche aims to create a new generation of decentralized apps and Avalanche meme coins that are better than anything on the market.

Avalanche (AVAX) is on the rise amid hype for Avalanche meme coins, but as AVAX meme coins emerge as the latest trending blockchain for traders - what's the story behind the hype?

(AVAXUSDT)

Avalanche is often overlooked in the crypto ecosystem, but Ava Labs has big plans for the year ahead, with the GameFi and Avalanche meme coins verticals firmly in the firm’s crosshairs.

Rise of AVAX Meme Coins: What’s So Unique About Avalanche?

Avalanche was launched in September 2020 by three computer scientists at Cornell University in New York, and gained monumental success as a platform for decentralized apps, including GameFi, Avalanche meme coins, and RWAs.

Yes, this description will get a little nerdy so strap on your Vulcan ears and drink your espresso.

Avalanche, similar to one of its competitors Polkadot, is made up of three different blockchains that function together:

  1. The first one is the “Exchange Chain,” where new digital assets and tokens are being minted.
  2. The second one is the “Contract Chain,” where the smart contracts are being executed.
  3. The final one is the “Platform Chain,” where you can create “subnets” that act just like Parachains on Polkadot.

Avalanche wants to be the lynchpin for the entire crypto ecosystem — just like Polkadot — making it easier for all the different blockchains to work together.

Unlike Cardano or most networks, you can run infinite blockchains on AVAX, each capable of a minimum of 4,500 transactions per second (TPS), compared to for example Cardano’s 250 TPS.

Here’s Why AVAX is a Dark Horse & Avalanche Meme Coins Hype is Growing

With two of the most anticipated AAA-level web3 games hosted on its platform, Avalanche is tapping into one of the largest sectors of the global economy – games. This cycle, gaming on Avalanche is not just an option; it’s a revolution.

Additionally, the tokenization of real-world assets – a notable trend in recent weeks – has seen assets like diamonds become a niche Avalanche is targeting, developers have also introduced support for Bitcoin on its cross-chain bridge.

 

Here are some other big updates for Avalanche:

  •  Notable Partnerships: Such as those with global banking giants Citi and JPMorgan and an exploration into tokenizing private assets, show Avalanche’s commitment to bridging traditional finance with blockchain technology.
  • Network Expansion: The Avalanche network saw its addresses double in 2023, indicating a growing user base and adoption rate. Ava Labs’ President, John Wu, shared insights into this growth, highlighting the launch of 20 live subnets with plans to introduce over 80 more within the year.

  • Avalanche Meme Coins: While not as big as Solana’s meme market, Avalanche meme coins like dog-themed Kimbo (KIMBO) and chicken-themed Coq Inu (COQ) are breaking through.

The Bottom Line: Looking Ahead to AVAX in 2024

Avalanche’s significant network growth, strategic partnerships, and focus on becoming a leading chain for web3 gaming and real-world applications (RWAs) lay a solid foundation for its success, and the rise of Avalanche meme coins heralds the potential for significant Solana-style growth on the blockchain.

As Avalanche continues to innovate and expand its ecosystem, reaching a $100 valuation doesn’t just seem possible—it seems likely.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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