Avalanche, Cardano lead altcoin gains as Memeinator presale approaches $2M

• Avalanche and Cardano have gained by double digits in a week as network activity grows.

• Memeinator could benefit from investment inflows into risky assets.

• The use case and roadmap make Memeinator attractive.

With a gain of more than 37% over the past week, Avalanche is the strongest altcoin among its top peers. Cardano, another altcoin to see an increase in bullish inflows, is up 30% in the same period. The gains highlight a potential recovery in altcoins following recent bullish runs in Bitcoins. However, it is a sign of increased appetite for risky assets that boosts sentiment for the rest of the sector. Memeinator has also witnessed demand, as investors acquire over $1.93 million worth of tokens in presale.

Avalanche and Cardano gains positive for Memeinator

It might feel that the gains in Avalanche and Cardano are following the price of Bitcoin. However, analysts believe Avalanche price was already undervalued before the latest recoveries. Henrik Andersson, the chief investment officer at Apollo Crypto, is optimistic of Avalanche. The analyst says the wider market has undervalued Avalanche for a while. He noted that Avalanche has recorded greater TVLs than most of its peers, yet its market cap has remained low.

A quick check of Avalanche’s network activity shows a major improvement. The network’s total value locked (TVL) has increased from $490M in the past three months to $841M. Similarly, Avalanche’s total trading volume has increased by more than 2,400% in the same period. 

Fellow top gainer Cardano has also witnessed increased network activity. DeFiLlama data shows Cardno’s TV has increased from $381.15 million, an increase of over 37% in a week. Such inflows are price triggers as they signal investor interest that boosts the native tokens.

The return of crypto activity allows new projects like Memeinator to take off as the risk-on mood develops. Memeinator is likely to continue enjoying an initial presale demand and carry it after listing on exchanges.

Understanding Memeinator

Memeinator is an upcoming meme project and is set to debut on exchanges in 2024. The token was launched through a presale and occurs in 29 stages, each marked with price increases. By the time the presale ends, the value of the token will have risen by 132%. But what exactly is Memeinator?

Memeinator is a futuristic and AI-led project…