Avalanche (AVAX) Escapes Market Correction, Entering Top Ten List

The ETH competitor and layer1 token AVAX make headlines despite the latest market-wide correction. The alternative coin touched its ATH of $146 late on Sunday, 21 November. With that, Avalanche (AVAX) overtook Shiba Inu and Dogecoin to enter the top 10 cryptocurrency list.

While writing these updates, AVAX hovers around the $136 mark, with its market capitalization standing at $29.2 billion. The alternative token witnessed impressive price actions on Sunday, gaining 20% towards a new ATH.

AVAX gained 47% in a week and a whopping 83% in fourteen days as it explores record highs. Moreover, crypto gained over 133% in the past 90 days. Since this year started, AVAX surged a whole 3,800%. For now, Tether (USDT), the stablecoin, has contributed to AVAX’s increased trading volume.

Avalanche’s Partnership with Delloite

Avalanche has received a boost to its rally from its partnership with Delloite announcement. The statement highlights that the crypto network will collaborate with Delloite to build an efficient disaster-relief network on Avalanche’s blockchain.

Known as “Close As You Go,” the network will utilize the Avalanche ecosystem to improve FEMA funding accuracy, security, and speed. Emin Sire, Avalanche Labs founder, commented on the development. He stated that the new network offers local and state officials a fully immutable and low-cost decentralized system to empower grant funders and guide recipients in utilizing blockchain’s transparency to reduce waste, abuse, and fraud.

Moreover, the fast consensus and security by Avalanche network quickly processes and authorizes needed documents to improve federal disaster accuracy. He also added that Avalanche’s eco-friendly objectives match with Delloite as the crypto is a carbon-neutral network. Sirer also busted the claims that Avalanche will be slow like Ethereum amid increased adoption.

Meanwhile, Shiba Inu and Dogecoin have suffered over the past few days. The recent plunge means the two meme coins lost the top ten spot. Shiba Inu plunged by 6% over the last day, ranking 12 with its $24 billion market cap. Also, Dogecoin lost 4%, its market capitalization standing near $29 billion. The meme market has seen reduced developments to trigger price movements over the past sessions.

Stay tuned for the latest updates.

Leave a Reply

Your email address will not be published. Required fields are marked *