Avalanche’s AVAX Token Overtakes Dogecoin to Become 10th-Largest Cryptocurrency
A double-digit overnight surge has propelled Avalanche’s AVAX token past Dogecoin (DOGE) to become the 10th-largest cryptocurrency by market capitalization. Avalanche currently stands at $39.90, up nearly 12% on the past day, with a market cap of just under $14.7 billion, while Dogecoin has slipped by 1% in the past day to around $0.096, with a market cap of just above $13.7 billion, per data from CoinGecko.
Inflows of $2 Million for Avalanche from Crypto Investor Funds
A CoinShares report earlier this week pointed to inflows of $2 million for crypto investor funds with exposure to Avalanche, following last month’s news that banking giant JP Morgan’s blockchain Onyx made use of an Avalanche subnet in a proof-of-concept trial.
Mirai Labs Migrates Ecosystem from Polygon to Avalanche
Today, Mirai Labs, the game studio behind horse-racing NFT game Pegaxy, announced that it’s migrating its ecosystem from Polygon to an Avalanche subnet.
Dogecoin Slumps After Week-Long Surge
Dogecoin’s dip comes on the heels of a week-long surge that saw it mark its 10th anniversary by reclaiming a yearly high of $0.10. Despite its overnight slump, Dogecoin remains up 8% on the week and nearly 23% on the month.
Bitcoin Trading Sideways Following Monday Morning Nosedive
Elsewhere, Bitcoin is trading sideways on the day at around $41,800, following a Monday morning nosedive that saw it all but erase the previous week’s gains.
Hot Take: Avalanche’s Rise Reflects Growing Market Dominance
Avalanche’s surge past Dogecoin highlights its growing market dominance and investor interest in the cryptocurrency. With inflows of $2 million from crypto investor funds and Mirai Labs migrating its ecosystem to Avalanche, the platform is gaining traction in the industry. While Dogecoin experienced a dip after a week-long surge, it remains up on both weekly and monthly charts. Bitcoin, on the other hand, is currently trading sideways after a recent decline. The cryptocurrency market continues to be dynamic and unpredictable, offering both opportunities and challenges for investors.
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