Avalanche AVAX/USD forced leading memecoin Dogecoin's DOGE/USD out of the crypto Olympus by replacing it as the top 10 cryptocurrency by market capitalization.
What Happened: At publication, CoinMarketCap crypto market data shows Dogecoin's market capitalization is around $28.95 billion while Avalanche's market cap is currently standing at about $31.2 billion. This follows Avalanche already briefly overtaking Dogecoin yesterday while both the coins were also worth more than retail behemoth Tesco PLC or automaker Kia Corporation.
See Also: HOW HIGH CAN AVALANCHE (AVAX) GO?
Avalanche's sudden rise to the top started after it had been chosen as the blockchain underlying the “big four” accounting firm Deloitte's Federal Emergency Management Agency (FEMA) reimbursements. The blockchain will purportedly increase the "security, speed and accuracy" of the system.
Such a system would most probably result in an increased demand for Avalanche's native AVAX token since it serves as the basic unit of account between the subnetworks that constitute its ecosystem and as a currency that its users can stake to earn passive income. The blockchain aims to be the layer underlying multiple blockchains, some of which provide standard crypto features and others being application-specific.
AVAX Price Action: As of press time, Avalanche is trading at $139.43 after seeing its price increase by about 3.53% over the last 24 hours.
DOGE Price Action: Currently, Dogecoin is trading at $0.219 after seeing its price lose about 4.22% over the last 24 hours.
Image by Tatjana Posavec from Pixabay
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