Avalanche has enjoyed a considerable 12% resurgence today as its team announces a captivating innovation.
Lets take a look at the reasons behind AVAX’s pump.
AVAX Surges as Team Announces 100K TP/S Scaling Solution
The Avalanche team recently announced the launch of Vryx, an innovative staking solution capable of 100,000 transactions per second. The move prompted massive excitement surrounding new use cases it could enable.
This excitement is visible in the Avalanche price, which is $36.32, up from $32.3 yesterday. This puts AVAX up 12.55% today but just 9.35% this week and down 13.96% this month. Nevertheless, Avalanche has had an overarchingly strong year, currently up 78.27%.
Currently, it holds a $13.3 billion market cap, making it the ninth-largest crypto. However, the recent hype is evident in its trading volume, up 39.79% today, at $735 million.
The announcement of Vryx was put forth in a research post on 26 January, outlining its plans to scale the Avalanche network to 100,000 TP/S.
Consequently, Avalanche’s price chart is forging a bullish breakout. After a downtrend over the last month, its recent uptick has broken above its trend line resistance, catapulting it to the buy zone on the Fibonacci Retracement tool.
According to the indicator, this could push AVAX to between $63 and $86 on its next leg up, should the momentum continue.
Market analysts have also noticed Avalanche’s bullish price chart, with renowned trader World of Charts highlighting a breakout from a descending channel, predicting a “bullish wave toward $50.“
Meanwhile, Cantonese Cat recently analyzed Avalanche’s weekly time-frame chart, noting that its earlier resistance has become support after a strong reversal this week.
The analyst notes a candlestick formation called a “doji dragonfly.” This type of candlestick indicates a potential bullish reversal, displaying a long lower shadow that shows buyers’ strong interest.
Cantonese Cat believes Avalanche could climb toward $50, “or even higher” this year.
But while Avalanche is experiencing bullish momentum, it is far from the only cryptocurrency doing so. Another player making big waves at the moment is Meme Kombat, a pioneering Play-to-Earn meme coin with gambling utility.
P2E Staking Token Meme Kombat is Surging Through Presale
Meme Kombat is a compelling blend of meme coin, P2E game, and gambling protocol. What’s more, it facilitates this concoction with AI technology, tapping into crypto’s most promising bull run narratives.
The Meme Kombat use case has garnered tremendous hype, with its presale surging toward $8 million and being picked up by top media outlets like Cointelegraph, BeInCrypto, and CryptoPotato.
One of its main draws is integrating built-in utility on a fun-filled, engaging meme coin. Meme Kombat lets users gamble on AI-generated battles between meme coin characters. It boasts an augmented arena where users get front-row seats to watch the fights.
The project also offers multiple game modes like single-player, multiplayer, and side betting, providing something for everyone. Moreover, it leverages traditional odds mechanics, making the gameplay more realistic, engaging and fair.
Analyst Austin Hilton is massively bullish on Meme Kombat, explaining to his 244K subscribers that the project could draw a vast user base. According to Hilton, various meme coin communities could partake in the project, betting on their respective meme coins in fights against others.
Meme Kombat also boasts a staking mechanism, currently offering a 123% APY. However, this will decrease as the staking pool grows, incentivizing early buyers.
