Avalanche (AVAX) price has woken up as demand for altcoins rise. AVAX surged to a high of $19.06 on Sunday, the highest point since April 19th. At its peak, the coin was up by more than 121% from the lowest point this year. This makes it one of the top-performing cryptocurrencies in the market.
Crypto liquidity is soaring
Avalanche price is soaring because of the improving market conditions in the crypto market. Bitcoin has surged to a high of over $37,000 while Ethereum has surged above $2,000. Other cryptocurrencies like Tron, Cronos, and Jasmy have been in a strong uptrend in the past few months.
A closer look at the crypto market shows that liquidity in the crypto market is rising, Cryptocurrencies have added over $600 billion in liquidity since September last year, even as interest rates have surged to the highest point in over two decades.
There are several reasons why this is happening. First, the market believes that the Federal Reserve will start cutting interest rates in the next few months. Besides, there are signs that inflation is falling and the economy is slowing.
On Friday, Moody’s decided to lower its outlook for US debt. There is also an elevated risk that the US will go through a government shutdown in the coming weeks.
Second, cryptocurrencies have surged as investors believe that the Securities and Exchange Commission (SEC) will decide approve a Bitcoin ETF. Last week, Blackrock filed for a spot Ethereum ETF. An approval of these funds will lead to more crypto demand as institutional investors come in.
Further, there are signs that investors are getting greedy. The crypto fear and greed index has jumped to the greed area of 77. Similarly, the CNN Money fear and greed gauge has moved from 20s to the current 43.
Therefore, Bitcoin and other cryptocurrencies tend to do well when investors are getting greedy. This also explains why meme coins like Bonk, Floki Inu, and Taboo Token have jumped sharply in the past few months.
Avalanche price chart
Memeinator token sale accelerates
The success of cryptocurrencies has led to a gold rush into new cryptocurrencies. One of them is Memeinator, one of the fastest-growing meme coins. The token has now raised over $1.29 million from global investors who hope to make a fortune when it goes public in the near term.
There are reasons to be optimistic since several well-known meme coins have surged recently. For example, Memecoin (MEME), which is a new token that has no utility, has surged, bringing its total market cap to over $191 million.
Similarly, a token like Pepe is now valued at over $400 million while bigger ones like Shiba Inu and Dogecoin are valued at billions of dollars.
Unlike other meme coins, Memeinator aims to benefit by infusing the concept of cryptocurrencies, meme coins, and artificial intelligence (AI). AI has become a big industry this year, helped by the remarkable success of ChatGPT and Anthropic. You can buy the Memeinator (MMTR) token here.
Still, as with all investments, it makes senes to do your research and minimise risks. In the case for a risky asset like Memeinator, you should only invest using cash that you can afford to lose.
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