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Cryptocurrency prices were mixed on Wednesday as some investors started to take profits after the strong US inflation report. Bitcoin was hovering around the resistance at $72,000 while Ethereum rose slightly.
Injective (INJ) and Avalanche (AVAX) were some of the top-performing cryptocurrencies as they jumped by over 20%. The other gainers were coins like Near Protocol, Ordi, Celestia, Algorand, and THORChain. Memeinator also continued doing well as its token sale crossed the $6.4 million mark.
Injective and Avalanche were top gainers
Avalanche was one of the best-performing cryptocurrencies as it surged to its highest level since May 2022. At its peak, the coin was up by more than 550% from its lowest point in 2023.
Injective also made a strong bullish breakout as it jumped to its highest point on record. It rose to $52, making it one of the top-performing cryptocurrencies since it was trading at $0.64 in October 2020. This means that $10 invested in the coin back then is now valued at over $800.
Avalanche and Injective coins jumped as the crypto fear and greed index remained above the extreme greed zone of 85. In most cases, altcoins tend to do well in such market conditions, which explains why most altcoins have surged recently.
Their ecosystem growth has accelerated in the past few months, Data shows that the number of Avalanche addresses has jumped to over 76k while the Total Value Locked (TVL) has soared to $1.7 billion. It is the eighth-biggest blockchain in the world.
Injective, a platform that is backed by Mark Cuban and Polychain Capital, has also seen strong inflows recently. Its TVL has jumped to a record high of $177 million, helped by the likes of Hydro Protocol, DojoSwap, Helix, and Mito Finance. Helix has become one of the top DEXes in the market handling almost $100 million worth of tokens in the past 24 hours.
Memeinator token sale is going on
Meanwhile, Memeinator is another top-performing player in the crypto industry. The developers have now raised over $6.4 million as it has moved to its 18th stage. It now has two more stages to go before the token sale ends. After ending, the token will be listed in key centralised and decentralised exchanges.
For beginners, Memeinator is an upcoming cryptocurrency project that aims to benefit from three key themes in the market. It aims to benefit from key areas like meme coins, artificial intelligence (AI), and gaming.
Meme coins like Floki, Pepe, and Bonk have been some of the top-performing cryptocurrencies this year. Data shows that all meme coins have a market cap of over $65 billion.
AI, on the other hand, has become the fastest-growing technology, which has helped Nvidia become a $2 trillion company. Gaming tokens like Axie Infinity and Gala Games have become some of the top-performing coins in the market.
Therefore, Memeinator developers hope that these themes will help to propel its market cap to millions or even billions of dollars. You can buy the MMTR token here.
This article first appeared at CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison
