China News Daily Official TheBitTimes.com

The dominance of memecoins in the altcoin market has significantly declined since April, with analysts suggesting a shift from speculative trading to focusing on fundamentals.  Despite this trend, memecoin liquidity has doubled since the start of the year, reaching an all-time high of $128 million in early June. This surge in liquidity, even amid declining dominance, indicates a complex market sentiment shift. Data from on-chain analytics firm CryptoQuant shows that memecoins in the altcoin market are facing a steady decline. Ki Young Ju , the founder and CEO of CryptoQuant , highlighted on X (formerly Twitter) the marked decrease in memecoin dominance from September 2022 to May 2024.  Picks for you Opportunity? Gold/silver ratio to bottom in, fuelling gold upwards 2 hours ago ...

AVAX price has been in a strong rally since the start of 2023, but a sustained uptick in its DeFi components is needed in order to sustain the current bullish momentum. Avalanche (AVAX) witnessed a meteoric start to 2023, gaining 98% in 30 days, and traders are now curious about whether the rally will extend throughout February. AVAX’s year-to-date gains for 2023 have outpaced those of Bitcoin (BTC) and Ether (ETH). Recent reasons for AVAX’s rally can be attributed to an Amazon partnership announcement on Jan. 11. The partnership is meant to easily deploy nodes on the Avalanche blockchain with Amazon Web Services (AWS). Ava Labs, which supports the Avalanche ecosystem, hopes the partnership increases blockchain usage for enterprises and governments. While AVAX price has benefited from the news, some analysts predict that the move could have been a bull trap. Let’s dig into the fundamentals to see if on-chain network activity supports the recent AVAX rally. AVAX fees from DeFi are up ...