Avalanche is up 132% since last year, market cap surges to over $13b

Within the decentralized finance (defi) space, Avalanche (AVAX) boasts an impressive 132% price increase in defiance of market shifts.

Avalanche ascending

Avalanche has been making headlines in the crypto community for the past three months as DeFi traders flock toward it.

Avalanche’s platform has attracted developers and users due to its high throughput and scalability, as evidenced by record monthly active users (MAU) on its network. The Avalanche Foundation is responsible for monitoring the network.

In December, the Avalanche Foundation, overseeing the Avalanche network’s development, revealed plans to acquire a set of meme coins through its “Culture Catalyst” initiative.

Via Twitter, the non-profit organization expressed its intention to build a collection of selected Avalanche-based meme coins, aiming to diversify its portfolio and explore a broader range of possibilities.

The foundation outlined specific criteria for selecting meme coins, including the number of holders, liquidity thresholds, project maturity, adherence to fair launch principles, and overall social sentiment.

Highlighting the rationale behind this unconventional investment, the Avalanche Foundation asserted that meme coins transcend conventional utility assets. Instead, they are viewed as embodiments of the collective spirit and shared interests within diverse crypto communities.

Avalanche price movement

Avalanche is currently valued at $36.36, showcasing a more than 4.32% increase in the past seven days, per CoinGecko. Having a circulating supply of 370 million AVAX, the market cap has surged to over $13 billion. The support level is $31 while $48 is acting as a resistance level.

The Relative Strength Index (RSI) value at 61 on the weekly timeframe signals a balanced market sentiment.