Avalanche (AVAX) is now sandwiched between Dogecoin (DOGE) and Shiba Inu (SHIB) after surging greater than 14% over the previous 24 hours
Avalanche (AVAX), the native token of the eponymous sensible contract platform, has soared to one more all-time excessive of $138 at 8:03 a.m. UTC on the Binance alternate.
The “Ethereum killer” has now surpassed meme coin Shiba Inu by market capitalization, occupying the eleventh spot on cryptocurrency rating web site CoinMarketCap. The 2 cryptocurrencies are price $29.9 billion and $25.2 billion, respectively, at press time.
Avalanche has managed to briefly push Dogecoin out of the highest 10 as soon as once more after hovering greater than 14% over the 24 hours.
Along with AVAX, there have been 5 Layer-1 tokens that immediately compete with Ether.
$AVAX enters the highest 10 on @CoinMarketCap ! pic.twitter.com/4UEXVFqxrO
— Nicolas (🔭,🔺) (@nicolas_a4) November 21, 2021
Key causes behind AVAX’s rally
The AVAX worth has been on a roll since Ava Labs CEO Emin Gün Sirer announced a tie-up with “Large 4” accounting agency Deloitte on Nov. 16.
Earlier this November, Avalanche supporters additionally launched a brand new fund known as Blizzard, which obtained a formidable $220 million in seed investing from such contributors as Three Arrows Capital, Dragonfly Capital and CMS Holdings.
On prime of that, Tether, the highest stablecoin, introduced help for the Avalanche blockchain final Wednesday.