The Avalanche (AVAX) network has been outperforming the leading meme-inspired cryptocurrency by market capitalization Dogecoin (DOGE), to the point it has now become the ninth largest digital asset by the metric, with a $14.1 billion market cap.
According to available market data, AVAX is up more than 44% over the past week to now trade at $38.5, as it significantly outperformed most other major digital assets, including Bitcoin, which lost 3% of its value over the same period, and Ethereum, which lost 1.7% of its value.
The meme-inspired cryptocurrency Dogecoin lost 0.8% of its value over the last few days and now has a $13.6 billion market capitalization, making it the tenth-largest digital asset by the metric above TRON’s TRX, which has a $9.32 billion market cap.
Avalanche’s surge comes at a time in which the number of large transactions on its network is on the rise, with IntoTheBlock noting that last week it saw over 1,000 transactions above the $100,000 mark.
<!--Notably, Dogecoin has also recently been seeing growth, which seemingly hasn’t translated into its price. The meme-inspired cryptocurrency recently saw the total number of addresses on its network with a balance surpass the 5 million milestone. The number of active addresses on the network, meanwhile, has more than doubled to reach 168,000, the highest level since March of last year.
The rise came after a “massive amount” of older DOGE started moving out of wallets that has been dormant, in a sign that the price of the meme-inspired cryptocurrency could soon move upward.
Earlier this year, Avalanche announced a new partnership that was set to see it onboard up to 50 million new users into the cryptocurrency space. The partnership, with leading esports live-streaming platform Loco, which was building a suite of Web3 products, came after the platform raised $42 million in a Series A round.
Featured image via Unsplash.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptoglobe.com/latest/2023/12/avalanche-avax-overtakes-dogecoin-doge-as-ninth-largest-crypto-by-market-cap/
- :has
- :is
- :not
- $UP
- 000
- 1
- 11
- 32
- 50
- 7
- a
- above
- active
- addresses
- Ads
- After
- All
- also
- and
- announced
- AS
- asset
- Assets
- At
- available
- Avalanche
- Avalanche (AVAX)
- AVAX
- become
- been
- bigger
- Billion
- Bitcoin
- Building
- bull
- Bull Market
- Bulls
- by
- came
- cap
- capitalization
- Close
- comes
- could
- crypto
- CryptoCompare
- cryptocurrency
- CryptoGlobe
- data
- Days
- digital
- Digital Asset
- Digital Assets
- Doge
- Dogecoin
- Dogecoin (DOGE)
- doubled
- esports
- ethereum
- few
- For
- Growth
- highest
- HTTPS
- image
- in
- Including
- into
- intotheblock
- IT
- ITS
- jpg
- large
- largest
- Last
- Last Year
- leading
- Level
- levels
- live-streaming
- lost
- major
- Making
- March
- mark
- Market
- Market Cap
- Market Capitalization
- Market Data
- Meanwhile
- metric
- million
- more
- most
- move
- moving
- nearly
- network
- New
- new users
- noting
- now
- number
- of
- older
- on
- Other
- out
- outperformed
- outperforming
- over
- Partnership
- past
- period
- platform
- plato
- Plato Data Intelligence
- PlatoData
- Point
- positive
- price
- Products
- raised
- reach
- recently
- Rise
- round
- same
- saw
- Screen
- screens
- see
- seeing
- Series
- Series A
- series a round
- set
- sign
- significantly
- since
- sizes
- Soon
- Space
- started
- Still
- suite
- surge
- surpass
- than
- that
- The
- this
- this year
- time
- to
- Total
- trade
- Transactions
- true
- TRX
- upward
- use
- users
- value
- via
- Wallets
- was
- Web3
- week
- which
- while
- with
- year
- zephyrnet