Wow, wow, wow. That’s probably the only way to describe last week! It was a whirlwind week that saw some major milestones in the crypto world, including America electing its first-ever openly pro-crypto president. This historic election sent Bitcoin soaring to new all-time highs, one after another, and saw AVAX finally break through the stubborn $30 resistance level.
Watch this weeks update on youtube
I actually covered the impact of Donald Trump’s election on the crypto space—and specifically on Avalanche—in a video earlier this week. So, I won’t go into too much detail here, but if you’re curious about my thoughts on the broader implications, I’ll link to that post for you to check out.
Find out more about what I think a Trump presidency means for Crypto
With so much to unpack this week, let’s dive right into the market updates and the biggest news from the Avalanche blockchain space!
Market Conditions: Bitcoin and Avalanche Reach New Highs
I did speak in the video about Bitcoic, but that’s already out of date LOL, as $BTC has continued to pump in All time high after all time high, which we love to see.
$AVAX has risen nicely. I spoke in the video about $AVAX finally pushing through that $30 resistance that we have struggled so much with, so it was great to see that finally broken. Hopefully now we push on and any thoughts of $AVAX at anywhere near these levels is a thing of the past.
Avalanche’s Meme Ecosystem Gains Traction
A noteworthy development in the AVAX meme ecosystem is the market cap of AVAX meme coins surpassing $137 million, with over 37 meme coins in circulation. One especially interesting stat: Majin saw a rise of 149% this week!
This tweet from Forefront Talk on twitter is a great read
Check out a new coin $JUICY on Avalanche
One coin that is missing off this list is one that launched with a presale around 2 weeks ago and is now on full sale on LFJ.
This coin is Juicy, which at the time of recording was up nearly 84% in the last 24 hours. I’d to speak about this, as it’s in a sector that a lot of relevance to crypto. For those that don’t know juicy is a similar type of platform to only fans, but with the integration of crypto.
Now, in a sector where privacy can be important it makes sense that crypto is used as a form of payment. So this is an idea that works. Whether you like the sector, or not, it’s hard to argue that this is a great fit. Especially when you consider that onlyfans generated over $6.6 billion in revenue in 2023.
They are also planning to launch staking soon and the rewards are promised to be good, with stakers set to receive 50% of platform revenue. Which Juicy said, should going live this week.
So, this is something worth looking at.
Just be sure to explain to your respective partners why it’s in your browsing history.
Bitcoin Dominance and “Alt Season”
A key metric we’re watching closely is Bitcoin dominance, which shows what percentage of all crypto money is in Bitcoin vs. other projects. Typically, in a bull market, Bitcoin dominance peaks, and then investors move their profits into altcoins, which kicks off what’s known as “Alt Season.” We recently saw Bitcoin dominance hit 60% but it’s now just under 59% after nearly reaching 61%. This is something we’ll be keeping an eye on as it could signal when liquidity will start moving from Bitcoin into altcoins, and then to meme coins.
Anticipated Pullbacks and Trump’s Influence
While things are looking bullish overall, I do expect some cooling off or minor pullbacks in the short term as we pump up. Remember, Trump won’t officially take office until January, so any crypto-friendly policies he implements are still months away. However, any positive statements about Bitcoin or crypto could still impact prices in the meantime.
Exciting News: Avalanche’s Blue-Chip Partnerships
In big news for Avalanche, AvaCloud was selected to participate in J.P. Morgan’s Kinexys project, marking another major partnership for Avalanche. AvaCloud is developing technology to enhance privacy and security in online financial transactions using Avalanche’s blockchain. The partnership focuses on enabling private and secure transactions for banks and fund managers through features like zero-knowledge proofs and encryption.
This collaboration represents a huge step forward for blockchain’s real-world adoption by traditional finance, as institutions like J.P. Morgan move toward embracing blockchain solutions.
Play Off the Grid: 10 Million Unique Wallets on Avalanche
The gaming world is also taking notice of Avalanche. “Play Off the Grid,” a popular blockchain-based game built on a custom Layer 1, has crossed a milestone of 10 million unique wallets. This is a huge number and demonstrates the massive interest in Avalanche’s gaming ecosystem. For context, this user base exceeds the population of cities like London and New York! Notably, many of these users may not even realize they’re using blockchain—they’re simply enjoying a fast, high-quality gaming experience. This is yet another example of how real-world adoption is driving growth on Avalanche.
Meme Coin News: COQ Net’s Layer 1 Launch
Steven Gates, founder of GoGo Pool, recently shared that COQ Net—the meme coin $COQ’s own Layer 1—is ready to launch, pending the upcoming Avalanche upgrade. This is a big deal in the Avalanche meme coin ecosystem. With $COQ back over a $100 million market cap, the launch of a dedicated Layer 1 and its own ecosystem could bring attention and liquidity to the Avalanche chain.
Educational Opportunity: Blockchain Beginner Bootcamp
Avalanche, in partnership with Chainlink, is hosting a Blockchain Beginner Bootcamp on November 18th. This free, online course is designed for both experienced and new developers. Participants will learn about blockchain fundamentals, deploy an ERC-20 token and an NFT on Avalanche Fuji, and kickstart their blockchain development journey. I’m already signed up, and I can’t wait to dive deeper into blockchain technology. If you’re interested, this is an excellent chance to expand your knowledge, and it’s totally free.
Sign up for the Blockchain course here
If you are signing up, drop me a comment, either here or on the youtube video as I'd love to connect and talk about this with you.
Avalanche Ambassador DAO: Applications Open
For those looking to get more involved, applications are still open for the Avalanche Ambassador DAO. I’m planning to apply myself, and I’ll be submitting my application this week. Wish me luck!
The Week Ahead
Looking forward, I’m optimistic about another strong week for Avalanche. While we could see some pullbacks, this is all part of the natural cycle, and the general outlook remains super bullish. The Avalanche ecosystem continues to grow, with exciting projects launching and new partnerships forming.
Stay tuned for more updates on Avalanche’s latest projects, particularly those building unique communities and products that are helping to fuel “the great rotation to the red chain.”
That's the roundup for the week—here’s to more growth and exciting news in the Avalanche and broader crypto space!