Avalanche has announced a major network upgrade as the high-performance blockchain platform eyes further growth within the crypto ecosystem.

The Avalanche (AVAX) team revealed the upcoming launch of Avalanche9000, which they describe as the “largest network upgrade” since the blockchain platform’s mainnet debut in September 2020. According to a blog post, Avalanche9000 will soon be available in testnet.

Avalanche9000 testnet coming soon

Avalanche provides a highly scalable and flexible blockchain that allows developers to build and deploy decentralized applications on a fast and low-cost network.

The platform aims to create a multi-chain network that benefits from connected layer 1 chains, or subnets, to facilitate the scaling of the entire network.

Avalanche9000 is set to accelerate the deployment of Avalanche subnets by making it economically feasible for developers to launch these L1s. The upgrade will also introduce customizable chains, which will speed up projects’ time-to-market.

In addition to the Avalanche9000 testnet, Avalanche plans to release the necessary tools and documentation for users to launch their own L1s on the network. The upgrade will also include key network changes as outlined in various proposals, as well as developer incentives and partner launches.

What is an Avalanche subnet?

An Avalanche subnet is a chain or network with its own rules on membership, tokenomics, and execution layer. The subset of validators on the network work together to achieve consensus on one or more purpose-built chains. This structure allows Avalanche to offer a unified experience for users.

Some of the major Avalanche L1 launches include those by Deloitte, DeFi Kingdoms, Gunzilla Games, MapleStory, Shrapnel, and SK Planet.

Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.

At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.

WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% drop in value over the past year.

WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.

Data from Coinglass reveals that WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.

Data from the market intelligence platform also shows that WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding WIF’s price outlook.

WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.

If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.

Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.

WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.

Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.