NAIROBI (Coinchapter.com) – Avalanche’s first memecoins – Coq Inu, Gecko, Kimbo, NoChill, and Tech – have been added to the Avalanche Foundation’s holdings. This move signals a major entry into the meme coin space with the Avalanche Foundation’s Culture Catalyst program. The initiative, initially designed to support Web3 creators, now extends to the vibrant world of meme coins.
Avalanche’s First Memecoins Enter the Market Full-Force
The Avalanche Foundation recently announced its foray into the memecoins market. Avalanche is not just dipping its toes, but diving headfirst into the vibrant world of memecoins. The program, initially designed to support Web3 creators and innovation on Avalanche, now extends its embrace to the fun, spirited, and sometimes outright wacky world of meme coins.
DEX Volumes Signal Solana’s Memecoins Dominance
While Avalanche may be making memecoins waves, Solana reigns supreme when it comes to decentralized exchange (DEX) volumes. Analysis of data from Artemis confirms that Solana DEX volumes significantly outstrip those on the Avalanche network at present. This suggests heightened trading activity and deeper liquidity pools for meme coins within the Solana ecosystem.
Solana Vs Avalalnche Dex Volumes. Source X
Further data solidifies Solana’s meme-fueled momentum. It boasts a massive lead in daily transactions, clocking in at 24 million compared to Avalanche’s 548 thousand. Solana also dominates with 1.2 million daily active addresses versus Avalanche’s 83 thousand. This stark difference indicates a much larger, more engaged, user base actively participating in the Solana meme coin economy.
Solana vs Avalanche DEX TVL. Source. TradingView
Solana further cements its status with its impressive total value locked (TVL). At $3.2 billion, it more than triples Avalanche’s TVL of $1.1 billion. TVL is a valuable indicator of overall investor confidence and asset commitment within a blockchain, with Solana clearly enjoying greater market trust.
It’s too early to say if Avalanche memecoins can dethrone Solana as the meme coin king as Avalanche’s First Memecoins enter the market. But it’s undeniably shaken things up. This playful competition drives innovation, attracts new audiences, and brings more spice to the crypto scene. Avalanche meme coins are here, ready to deliver their own brand of community-fueled fun.
