Avalanche (AVAX) Overtakes DOGE & SHIB to Break Into Top Ten Rankings

Avalanche (AVAX) Overtakes DOGE & SHIB to Break Into Top Ten Rankings

AVAX token shows an impressive rally, boasting a 3,000% increase in price to date.

Avalanche (AVAX) overtook Dogecoin and Shiba Inu to become the tenth most valuable cryptocurrency by market cap, with an all-time high market cap of $31.5B, which briefly made it more valuable than Pinterest and Southwest Airlines. DOGE and SHIB are not far behind and have market caps of $29B and $24B, respectively. Ava Labs, who are behind the AVAX token, recently partnered with Deloitte to construct disaster relief platforms, resulting in bullish sentiments regarding the AVAX token. The nature of the partnership is that the speed, security, and accuracy of Federal Emergency Management Agency funding will be improved using the Avalanche blockchain. The blockchain will allow claims in the event of disasters to be processed efficiently.

AVAX rally comes amidst a market crash

AVAX is trading at $134 at the time of writing, up more than 40% from last week, and up over 3000% from a year ago, according to CoinGecko. It reached an all-time high of $144.96 on Sunday, Nov. 22, 2021. This has gone against the recent trend of most cryptocurrencies tanking, causing billions of dollars to be wiped out from the likes of bitcoin, BNB, ethereum, and ADA. Bitcoin dropped by 11.7% in the last week, Ethereum fell 9.1%, ADA 12.2%, and BNB 12.6%.

Avalanche was launched on Sep. 21, 2020. There are 220 million AVAX coins in circulation, with a total supply of 378 million. The AVAX token is a utility token. Each time a transaction is paid for on the blockchain, the tokens used are burned, reducing the supply. At the time of writing, 404 334 tokens have been burned.

AVAX is available on Binance, Coinbase, and crypto.com, amongst others. In some cases, one may need to exchange AVAX for a coin like USDT before fiat conversion.

Avalanche building out DeFi infrastructure

Avalanche’s focus is on improving transaction speed, low costs, and eco-friendliness. In June 2021, $230M worth of AVAX tokens were sold in a private sale to fund the Avalanche ecosystem, including the development of a platform for dApps. It is a blockchain that can accommodate DeFi applications on Layer 1. It uses the Proof-Of-Stake consensus mechanism. It consists of three separate blockchains to try and optimize the holy grail of blockchain technology: decentralization, security, and scalability. Avalanche can answer the congestion issues on Ethereum and Solana, which caused a Solana outage, raising questions about its scalability.

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