Under the overflow effect of Bitcoin’s popularity, Solana, BSC, and Polygon have become hotspots in the market. Recently, the blockchain Avalanche has taken the spotlight, with even TraderJoe, the largest decentralized exchange on Avalanche, releasing a token called BEEG.
In recent times, major blockchains have performed well in terms of price under the surge of Bitcoin. Avalanche, with its technological and ecological advancements, has seen a monthly increase of nearly 150%, attracting market attention. Currently, AVAX has entered the top ten cryptocurrencies by market value. With the significant overflow effect of Bitcoin’s popularity, the market is focusing on token projects on Avalanche.
Even the co-founder of TraderJoe, the largest decentralized exchange on Avalanche, @cryptofishx, announced the release of the token BEEG on the 18th of this month. It was stated that BEEG does not have a roadmap or any empowerment; it is purely a social experiment. Unexpectedly, this move has also caused a surge in gas fees on Avalanche. According to Avascan data, the average gas fee reached 5,110.30 nAVAX (approximately $4.41). As of the time of writing, it has decreased to $0.43.
Affected by the token craze, the average gas fees on Avalanche have skyrocketed. @cryptofishx also apologized for the network congestion and contemplated solutions.
AVAV has become the leading token on Avalanche. In fact, the increase in average gas fees is not solely due to the minting of the BEEG token. According to data from avascriptions, tokens such as avav, asct, dino, etc., have become market hotspots in the past two days.
Taking avav as an example, its trading volume in the past 24 hours has reached 174,000 Avax (approximately $6.96 million), making it the leading token on the chain.
Under the token craze, on December 17th, Avalanche witnessed the destruction of 173,000 Avax, reaching a historic high.
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