Cryptocurrency

Avalanche (AVAX) Overtakes Dogecoin in Crypto Ranking as Value Surges by Over 100%

Avalanche Overtakes Dogecoin in Crypto Ranking as Value Surges by Over 100%

  • Avalanche Cryptocurrency has broken into the top 10 ranking of cryptocurrencies as its market cap reached $31.5 billion
  • The crypto asset reached $144 per unit on Sunday, adding more than a whopping 3,795% in the past 12 months
  • AVAX is now sitting ahead of meme coin Dogecoin in the market cap ranking as the dog-themed crypto drops to 11th

The crypto asset avalanche (AVAX) has increased significantly in the last 24 hours, breaking into the top 10 cryptocurrencies based on market cap.

Apart from GALA, AVAX recorded the biggest gain among top cryptocurrencies within the last day.

On Sunday, the crypto asset reached a new all-time high of $144 per unit, overtaking Dogecoin in the market cap ranking.

According to data from Coin Gecko, AVAX has climbed 46.9% in seven days, 133% within the last 3 months, and 3,795% year-to-date.

Avalanche is a layer one blockchain that was developed as a platform for decentralized applications and blockchain networks.

Read also: Nigeria’s Bitcoin Interest Drops as CBN Clampsdown on Cryptocurrency

Along with Cardano, Solana, and Binance smart chain, it is one of the major rivals to Ethereum, looking to usurp the world’s most popular blockchain for smart contracts.

The recent rise in the value of the cryptocurrency has been attributed to a partnership with Deloitte a “Big Four” accounting firm.

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