In a landscape abuzz with crypto enthusiasm, Avalanche’s native token, AVAX, has caught the eye of investors and enthusiasts alike, hinting at a potential surge that could surpass its previous bull run in 2021. Recent data indicates a promising outlook for AVAX, with approximately 80% of its holders now reaping profits, aligning closely with numbers not seen since the bullish days of May 2021.

The meteoric rise of AVAX in recent months, marking a staggering 4x surge in the past 90 days, has ignited renewed optimism among crypto enthusiasts, triggering speculations of a forthcoming bullish trend that might outshine its past performances.

What seems to be steering this upward trajectory are the evolving market conditions and the burgeoning interest in AVAX-based memes, particularly the emergence of Coq Inu within the Avalanche ecosystem. This meme coin, born on the Avalanche blockchain, has been a focal point for the community, showcasing an astounding 100x surge in its value since its inception a few weeks ago.

Amidst a modest dip of 5.4% in AVAX’s price in the last 24 hours, Coq Inu defied the odds by surging upwards by 19.10%, prompting predictions that it could potentially ascend to become one of the standout memes of the anticipated 2024 bull season. Such forecasts are underpinned by the belief that Coq Inu might play a pivotal role in propelling AVAX to new heights, contingent upon an uptick in the number of new addresses within the network.

Indeed, this surge in new addresses has been observed, marking a sustained increase, as reported by AMBCrypto.

Furthermore, analyses from Coinglass reveal a consistent uptrend in AVAX’s Open Interest since November. Open Interest serves as a measure of liquidity allocated to contracts tied to a token, and the ascending trajectory in AVAX’s Open Interest indicates an accumulation of more open contracts than closed ones. When juxtaposed with price action, this surge in Open Interest hints at a potential decline in AVAX’s price, potentially surpassing the current dip to $45.46.

However, amidst this market volatility, long-term holders may find solace in viewing these price fluctuations as potential entry points, potentially paving the way for AVAX to reach the coveted status of a three-digit token in terms of its price.

What’s driving this meteoric rise? Delving into the dynamics of the Avalanche ecosystem uncovers intriguing factors that have contributed to AVAX’s exponential growth. Beyond its performance against Bitcoin, the emergence of meme-driven assets within the Avalanche blockchain, such as Coq Inu (COQ), has been a game-changer.

COQ, a meme token launched on the Avalanche network, has witnessed an unprecedented surge, escalating its value by a staggering 100x. This surge in demand for COQ, outpacing even AVAX in the last 24 hours, hints at the potential for meme tokens to influence and elevate AVAX’s value in the upcoming 2024 bull season.

Analysts and experts predict that COQ’s ascension could be a driving force behind AVAX’s upward trajectory. They speculate that the increased activity on the network, marked by a surge in new addresses, aligns with the potential for AVAX to scale new heights.

Moreover, evaluations of AVAX’s Open Interest, revealing a steady increase since November, shed light on the liquidity allocated to contracts associated with the token. This surge in Open Interest implies a growing number of open contracts, hint

The underlying narrative surrounding AVAX’s upward momentum seems intricately tied to the evolving dynamics of the crypto market. The surge in profitability for AVAX holders, coupled with the allure of meme coins like Coq Inu, signifies a shifting landscape that could potentially propel AVAX to new, unprecedented highs in the forthcoming year.

As we navigate this dynamic landscape, all eyes remain fixed on AVAX, waiting in anticipation to witness whether it will indeed surpass its previous bull run and establish itself as a prominent player in the crypto realm.