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With the closer sounds of the bull season footsteps, some projects have started to frequently make a name for themselves. The process that started with Bitcoin’s Ordinals (ORDI) later spread and reached as far as Solana’s BONK. The mentioned coins have experienced incredible price increases and continue to make their investors happy. These days, the focus might have shifted to the AVAX network.
Current Status of SOL and AVAX
When the term “Ethereum killer” is mentioned, two networks and their native cryptocurrencies come to mind. One is Solana (SOL) and the other is Avalanche (AVAX). Both had shown off, so to speak, in 2021 and reached historic peaks.
During this period, the price of SOL rose to $260, while AVAX had advanced to its historic peak of $146. The whole process had started thereafter. Since that day, in a tumbling market, these two altcoins could not stand and experienced a complete collapse along with the FTX events. The price of SOL fell to $9, while AVAX retreated to $8.7.
With the start of 2023, both altcoins have seen a recovery. Led by SOL, AVAX also regained its strength. As of today on an annual basis, AVAX has seen an increase of 267% and is trading at the $41 level.
Could Coq Coin Be a Rival to Bonk?
The development on the Solana network has also reflected on the NFTs and Altcoins on the network. BONK seemed to have benefited the most from this process. BONK, which has increased by about 18000% compared to its price a year ago, has experienced a new increase of 500% in just a one-month period.
This strong movement on the Solana network has ignited its rivals, and perhaps Avalanche has benefited the most. The notable memecoin of the Avalanche network, Coq coin, has done 5x in the last month and has risen by over 300% in just the last 7 days. The trading volume of the memecoin has increased by 90% in the last 24 hours and has already reached the level of 52 million dollars.
When examining the chart of the Altcoin, it is observed that the price, which was moving within a parallel channel, broke the channel about 2 hours ago and rose to the level of 0.000002811 dollars. If the price stays above the broken channel, it could rise even further, making its investors happy.
The overall market volume appears to be around 90 million dollars, and considering the ratio of trading volume to overall volume, it can be inferred that there is active trading within the market. The price of the memecoin, which has turned the growth and price movements of the Avalanche network in its favor, is now a matter of curiosity as to where it might go.
