Unfortunately, many "Ethereum killers" are completely off the race. The remaining few have gone on to carve out niche markets specific to their ecosystems.
One of those "Ethereum killers" that has managed to stay relevant is our oldie-but-goodie coin- Avalanche.
And recently, it has been making bold moves to win the hearts of memecoin lovers.
Can it succeed, and is there an opportunity for us?
Let's find out…
TLDR
- Avalanche is now embracing crypto's meme culture and memecoins within its ecosystem.
- The Avalanche Foundation has launched a $100M Culture Catalyst Program to incentivise memecoins
- It provides liquidity mining incentives for select memecoins on DEXs like SteakHut and TraderJoe.
- Our thesis on Avalanche's memes taps into the "tribal" mentality of blockchain ecosystems and the enthusiasm for meme culture.
- We highlight two Avalanche native memecoins for degens who would like to capitalise on the emerging meme culture in Avalanche.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.
A quick recap on Avalanche
Avalanche is a blockchain aiming to be a better alternative to Ethereum. Its unique design and technology make it faster and cheaper than Ethereum while preserving the network's decentralisation.The platform employs a novel Avalanche consensus protocol and claims to be the fastest smart contract platform in the industry.
During the last bear market, Avalanche didn't waste any time and shipped many upgrades. One of such upgrades is the introduction of subnets. They allow for the creation of custom blockchains tailored to specific needs, improving scalability and flexibility.
Subnets are cool because they let Avalanche onboard apps that want flexibility and low fees for their apps. As a result, Avalanche's subnets have become a home for many game developers (check out our report on BEAM) and institutions (e.g. JPMorgan, SK Planet)
And even though Avalanche is often overlooked, no kidding, it has a large community of passionate users and builders. Unsurprisingly, its native AVAX token has performed very well in the last few months.
We can also see that monthly active users, even though with bumps, have been trending up, which indicates healthy adoption from users.
Similarly, the number of core developers has consistently increased over the years.
Despite many people currently being biased mostly towards Solana and sometimes towards Ethereum, we couldn't ignore Avalanche, so we looked to see if there was any money-making opportunity there.
Here is what we found.
Avalanche's memecoin rush
Avalanche recently made an interesting move to embrace the meme culture. The Avalanche Foundation, which oversees the development of the Avalanche network, has announced the criteria for selecting memecoins to include in its $100 million Culture Catalyst Program.
This initiative aims to recognise and encourage the culture and fun associated with memecoins, which the Foundation believes go beyond their utility value.
The Avalanche Foundation has already deployed some capital into certain community coins as part of the program.
The selection criteria for memecoins include factors such as the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment. This approach ensures that the Foundation invests in community coins that align with its values and promote a healthy and sustainable ecosystem.
More recently, the Avalanche Foundation announced liquidity mining incentives for memecoins to drive up momentum and to scale liquidity.
Two prominent platforms, SteakHut and Trader Joe, are at the forefront of this initiative. SteakHut is a decentralised exchange that allows users to create and manage liquidity pools. At the same time, Trader Joe is a popular trading platform that offers a variety of trading options for users.
Both platforms will incentivise users who provide liquidity for memecoins on the Avalanche network.
Previously, the Foundation acquired COQ, Gecko, Kimbo, NoChill, and Tech. On SteakHut, incentives will be provided for COQ, Kimbo, NoChill, and Tech.
At Trader Joe, incentives will be provided for Coq, Kimbo, NoChill, Gec, Tech, Husky, Meow, Kong, Meat, and Kingshit.
All in all, we see that the meme meta is getting stronger within the ecosystem and can result in the next memecoin rush, but within the growing Avalanche ecosystem.
Interesting memecoins on Avalanche
We have our eyes on two potential outperformers: Coq and Tech.COQ
By far, it is the largest memecoin in the Avalanche ecosystem. "Life is better when you have some COQ".
COQ had a fair launch without presales, allocation, or buy/sell taxes. Frankly speaking, it is just a COQ with a huge following. What's not to love?
- Market cap: $290m
- Number of holders: 65k holders
- Social following: 70k followers, among which some ecosystem builders
- Contract address: 0x420FcA0121DC28039145009570975747295f2329
It is already listed on many CEXs and is supported by the Avalanche Foundation. However, it still lacks tier-1 exchange listing, so we believe there is still a decent upside for this memecoin.
Despite being a relatively large cap, we think winners will keep winning. Take WIF as an example; people who bought at a $300m market cap still ended up getting more than a 10x upside from that price.
Similarly, we think the top memecoin of Avalanche will continue to perform well if Avalanche keeps its current momentum.
We have anonymously asked a question on what are the best memecoins on Avalanche and here is what we got:
The amount of energy and passion is incredible, but the best thing is sometimes the COQ wears a hat, too…
Technical analysis
Price action is forming a bullish wedge, which is finding its floor on a key price point that has been respected historically; this is most definitely an area to look to buy from for this particular asset.
TECH
"$TECH is a community coin with no intrinsic value nor expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only."
During the last bear market, people often say, "I came into space for money but stayed for the tech".
Tech is a community coin for people who are in it for the TECH, and the meme features a science dog named "Spot". Spot is good at "spotting" good tech; therefore, it chose Avalanche.
After following Avalanche for a while, we know the founders and the community are proud of their tech. So, we believe this meme coin can find many fans among Avalanche users.
It launched a few weeks ago, and it also has the support of the Avalanche Foundation.
- Market cap: $24.8m
- Number of holders: 7k
- Social following: 3.6k
- Contract address: 0x5Ac04b69bDE6f67C0bd5D6bA6fD5D816548b066a
We believe the number of people interested and proud of the tech among Avalanche users far exceeds 7k. Therefore, we believe many people will eventually catch up on $TECH.
Technical analysis
The price looks like it wants to begin trading out of its little bearish trend that formed, and it's also been forming higher highs. With the market momentum bullish, this is a relatively positive price action.
Are we in a tribe?
Blockchain ecosystems are tribal.Once people invest their own money, they tend to align themselves ideologically with a specific blockchain or cryptocurrency.
This results in a strong sense of loyalty and a desire to defend one's chosen blockchain against perceived threats from competing ecosystems.
Ethereum maxis are a tribe, Solana maxis are a tribe, and Avanalanche maxis are a tribe as well.
They all don't like each other and think only their tech, ecosystem and community deserve attention.
Thus, the Avalanche community is embracing the meme culture, but they want their own memes that highlight their values and uniqueness.
They may be hesitant to buy WIF, SHIB or DOGE, but they will buy their own community coins.
Avalanche is not as big as Solana or Ethereum. However, we believe there is an opportunity here.
Cryptonary's take
Over the years, Avalanche has been tirelessly improving the tech, focusing on specific market niches and succeeding in acquiring a loyal and passionate user base.Now, the community and leadership are embracing meme culture with conviction, and we cannot miss this opportunity.
By employing the best practices covered in our recent memecoin masterclass, we presented COQ (high-cap) and TECH (low-cap) as viable investment opportunities for those who want to capitalise on the rise of meme culture in the Avalanche ecosystem.
May the memes be with you!
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