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Avalanche's Memecoin Rush Sparks Debate Amidst $1M InjectionThe recent announcement of the Avalanche Foundation's Memecoin Rush initiative, injecting $1 million into the ecosystem to catalyze community coin adoption, has ignited both excitement and skepticism within the cryptocurrency community. While the initiative aims to incentivize trading and liquidity provision for selected community tokens such as Kimbo ($KIMBO), Gecko Inu ( LSE:GEC ), Coq Inu ($COQ), TECH, and NOCHILL, some critics argue that it could exacerbate speculation and volatility in the market. The decision to kick off Memecoin Rush with prominent platforms like SteakHut and Trader Joe has raised eyebrows, with questions emerging about the criteria used to select participating tokens. Concerns linger over the potential for manipulation and pump-and-dump schemes, especially considering the recent proliferation of meme coins in the crypto space. Furthermore, the Avalanche Foundation's acquisition spree of community coins, fueled by a portion of its $100 million NFT incubator fund, has drawn scrutiny. While positive social sentiment, significant holders, liquidity, and project maturity were cited as criteria for token selection, some observers remain skeptical about the Foundation's motives and the long-term sustainability of meme coin projects. Eric Kang, BD Manager at Ava Labs, emphasized the importance of meme coins in the web3 space, describing them as a cornerstone of cultural expression within crypto communities. However, skeptics argue that meme coins often lack intrinsic value and may contribute to market instability, raising concerns about investor protection and regulatory scrutiny. As Memecoin Rush unfolds, it will be crucial to monitor its impact on the Avalanche ecosystem and broader cryptocurrency markets. While the initiative aims to foster broader support and adoption for Avalanche-native tokens, critics caution against the potential risks associated with meme coin speculation and the need for responsible governance measures to ensure market integrity and investor confidence.
Long
by DEXWireNews
Avalanche AvaxWhat is Avalanche? Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Avalanche launched on mainnet, September 21, 2020. Since then, the platform has grown to secure over 400+ individual projects, $64M+ of AVAX burned (reducing supply), 1,200+ individual block-producing validators, and over 1.3M+ community members around the globe. - Strong Project, " TP Numbers " are very simple. - i didnt include Fibo calculations to keep the chart clean but i've done it ----------------------------------------------- Trading Plan ----------------------------------------------- Buy : Now Rebuy : 50$ Zone is a gift ----------------------------------------------- TP1 : 150$ (ATH Security TP) TP2 : 200$ TP3 : 300$ SL : 40$ if you want to set it ----------------------------------------------- Happy Tr4Ding!
Long
by thecryer
12
Beam Token Surges 36% as Merit Circle Network Achieves ATH Beam Token, part of the Merit Circle Network's gaming-focused crypto group, has witnessed a remarkable 36% increase in the past day, coupled with a 25% rise over the week. As the crypto community eagerly watches this ascent, it becomes imperative to delve into the factors behind Beam Token's recent pump and the developments that contribute to its growing prominence. The Beam Network on Avalanche: Merit Circle DAO introduced its Beam network on Avalanche in August 2023, targeting the gaming sector. The latest data from CoinGecko reveals that the BEAM token is now priced at approximately $0.022, inching closer to its all-time high of $0.027 recorded on December 14. The surge coincides with an upswing in the total transactions on the Beam network, hitting a new peak of over 103,000 transactions on a single day in mid-December. Furthermore, more than half a million wallet addresses have engaged with Beam's blockchain since its launch, highlighting the network's growing user base. Sphere NFT Marketplace Expansion: A noteworthy development for Beam is its recent integration of the Polygon-powered Immutable zkEVM blockchain into its ecosystem. The addition extends compatibility to the Sphere NFT marketplace and the broader tech stack offering. Despite Wednesday's price dip following Bitcoin's flash crash, Immutable's IMX token has rebounded by approximately 4% in the past day. This move strengthens Beam's position in the NFT space, showcasing its commitment to expanding the utility of its blockchain. Gaming Catalysts: Merit Circle co-founder Marco van den Heuvel suggests that the recent surge in Beam's transactions can be attributed to the activity generated by "one or two" games that have partially deployed on the Beam network. Games such as Goons of Balatroon and Nekoverse: City of Greed have contributed to the increased network activity. Interestingly, memecoins like BeamCat are also experiencing heightened trading activity, registering over $290,000 in total volume traded in the past 24 hours according to GeckoTerminal data. FOMO Rush and Community Sentiment: One self-described Beam "maxi" speculates that the surge in BEAM token price may be fueled by a "FOMO rush" among investors. In the cryptocurrency realm, "maxis" or "maximalists" are known for their unwavering support of a specific token. This community sentiment, coupled with the uniqueness of Beam's gaming-focused approach, could be driving the token's rapid appreciation. Challenges and Impersonation: Despite the positive developments, Beam has faced challenges, with its official Twitter account recently suspended. Heuvel attributes this to a barrage of reports from fake accounts. Beam account impersonators have also emerged, attempting to scam users. The Merit Circle team is actively addressing these issues, reaching out to Twitter support to resolve the suspension and safeguard the community from potential scams. Conclusion: As Beam Token continues its upward trajectory, fueled by gaming partnerships, NFT marketplace expansion, and community enthusiasm, it stands as a notable player in the evolving crypto landscape. However, challenges such as social media account suspensions and impersonations underscore the need for vigilance in the volatile crypto space. As the Beam community awaits further developments, the token's recent surge raises intriguing questions about the future of gaming-focused cryptocurrencies and their potential impact on the broader blockchain ecosystem.
Long
by DEXWireNews
Avalanche to tumble southward as the downtrend persistsThe daily and 4-hour price charts of Avalanche showed the bears were highly likely to drive prices lower, especially after the move below $13.88 on 5 June. The higher timeframe charts showed that the mid-April rally failed to break key highs. This was followed by a downtrend in May, but the $13.8 area posed some opposition to the sellers. Avalanche had a bearish bias on the price charts. It is the fifth largest blockchain in terms of TVL but its DeFi activity stagnated in recent months. In other news, SushiSwap announced the launch of their v3 suite of products on Avalanche. The price action presented short sellers with an opportunity. The structure was bearish, but the volatility has been high over the past 48 hours despite seller dominance. If the prices fall beneath $13.5, it would represent a continuation of the downtrend. The market structure was bearish on the daily timeframe, and a downtrend was in progress. The 4-hour chart also showed a downtrend in progress. In May, the price formed a series of lower highs and lower lows. The $13.88 level served as support, but AVAX still formed a low at $13.71 on 25 May. On 5 June, the price fell to $13.48, showing that bears remained dominant. Despite the bounce to $14.6 on 7 June, the market structure remained bearish. Monday’s move was used to plot a set of Fibonacci retracement levels (pale yellow). It showed the 78.6% retracement level at $14.62, which explained the inability of the bulls to drive prices higher. Having established the bearish character of the market, a short trade can be entered upon a retest of the 50% retracement level at $14.21. The 23.6% and 61.8% Fibonacci extension levels at $13.14 and $12.58 can be used to book profits. A move by AVAX above $14.93 would invalidate this idea as it represents a key short-term lower high. It has been noted that the prices bounced to the $14.62 level on Wednesday. Despite that, the spot CVD continued to decline. Over the past 24 hours, the metric was flat, this showed buyers were in the minority and selling pressure was overwhelming. The Open Interest picked up a little, amounting to close to $10 million. However, when AVAX faced rejection at $14.6, the open interest dropped further. This development hinted at discouraged bulls. Overall, the bearish sentiment was prevalent both on the low and high timeframes.
CAPITALCOM:AVAXUSDShort
by DaveBrascoFX
1
Avalanche: Gardener 🌷🌹🌼🌻The weather is getting better and the ones who can prepare their garden for the incipient new season of barbecuing, sunbathing, harvesting or just savoring nature. In its green garden between $16.67 and $11.77, Avalanche still has got some work to be done as well and should advance a bit deeper to finish wave ii in orange. Ideally, our crypto gardener should turn upwards near the 100.00%-retracement at $13.64, heading for the resistance at $21.81. To develop wave iii in orange, Avalanche should then climb above this mark, which should provide the altcoin with further upwards momentum.
BINANCE:AVAXUSD
by MarketIntel
AVAXUSDT 12h A possible AVAX price movement for the coming monthAlmost two months ago, we published a global idea for a trade pair of Avaxusdt Then the AVAX price was in the middle of the liquidity zone $27-37, from where she headed on the red route and clearly reached the target - $14 I would like to believe that for a few weeks we're looking at how the Avaxusd price is ramming bottom and filling the big long position The estimated possible movement of the Avaxusdt prices we depicted a blue route. The first target for a medium-term trade +60% in the area of ​​$29-31 In danger of Long positions will be if the price of Avalanche token will be consolidated below $15, below critical support _______________________________ Since 2016 , we have been analyzing and trading the cryptocurrency market. We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer — help us to be happier :)
by P_S_trade
23
AVAX Avalanche: 1D Chart ReviewHello friends, today you can review the technical analysis on a 1D linear scale chart for Avalanche (AVAXUSD), a cryptocurrency. Quick Analysis: 1) The price has been respecting a multi-month parallel channel it formed in early 2021. 2) Since August 2021, the price has been supported by a trendline, which it is hovering above/below over the past few days. 3) If the price does not come back above the support trendline, keep an eye on the lower trendline of the parallel channel. 4) The RSI (relative strength index) has formed a multi-month bearish divergence. 5) Volume has reduced over the past few days compared to the past few months. What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
BITFINEX:AVAXUSD
by MillionaireEconomics
3