What Could be the Reason for Solana & Avalanche Surge?

• The Avalanche Foundation is welcoming meme coins.
• Solana (SOL) has seen a 9.60% rally, surpassing the $87 range in trading.
• Avalanche (AVAX) boasts a 13% gain, reaching $30.

Avalanche (AVAX) meme coins are creating a buzz in the cryptocurrency community, following the trend set by Solana (SOL) meme coins. The Avalanche Foundation has gained attention by updating its investment strategy, now focusing exclusively on meme coins minted on the Avalanche blockchain.

Despite recent market fluctuations, both SOL and AVAX have showcased hope and growth potential. In the last 24 hours, SOL has seen a surge of 9.60% and is trading above $87, while AVAX has boasted double-digit gains of 13% to reach $30.

Why AVAX and SOL on the Rise?

The surge in the AVAX was propelled by the foundation’s unexpected shift in investment strategy, which now involves exclusive backing for assets minted on the Avalanche blockchain. According to a recent blog post, the foundation has declared its support for meme coins that are exclusively minted on the Avalanche blockchain.

Also, in response to the uncertainties and fraudulent activities associated with meme coins, Avalanche has outlined specific criteria for meme coins to qualify for their investments. These criteria encompass factors such as maintaining a high holder count, having low concentration, and demonstrating resistance to snipe bots.

Further, the strategic move by Solana Mobile to launch a more affordable smartphone with updated hardware signals a commitment to wider adoption and increased accessibility, reinforcing the bullish outlook for SOL.

Solana Mobile has officially disclosed an impressive 40,000 pre-orders for its soon-to-be-released smartphone model, Solana Mobile 2.0. This second edition of the smartphone series, following the success of the initial Saga series, is another innovative creation from Solana Mobile. The initial Saga series witnessed remarkable sales, even selling out in the US market.