Avalanche Into Top 10 Cryptos Ahead Of Shiba Inu & Dogecoin After Deloitte Deal

OVERVIEW

  • Avalanche token, AVAX, hit a high of $144.96 on Sunday before trimming some gains, and now ranks 11th in market value.
  • briefly breaking into the top ten by market value and beating Dogecoin and Shiba Inu.

After a contract relating to improved disaster-relief financing in the United States, the Avalanche cryptocurrency has soared in recent days.

It briefly breaking into the top ten by market value and beating Dogecoin and Shiba Inu.

According to CoinGecko pricing, the Avalanche token, AVAX, hit a high of $144.96 on Sunday before trimming some gains. It is now ranks 11th in market value at around $29 billion, sandwiched between memecoins Dogecoin and Shiba Inu.

It soared after Ava Labs, the company behind it, announced a partnership with Deloitte this week. The partnership is to develop more effective disaster assistance solutions.

“It’s another example of faster, cheaper Ethereum competitors doing well”.

“There’s a huge wealth effect and a lot opportunistic and mobile capital.”

In an email sent Sunday, Jonathan Cheesman, head of institutional and over-the-counter sales at crypto-derivatives exchange FTX, cited the Deloitte transaction.

Polychain and Three Arrows Capital, which also funded the $200 million-plus Blizzard fund launched a few weeks ago to stimulate Avalanche development. It is reported in September that the Avalanche Foundation had raised $230 million through a private sale of the tokens.

In a letter sent out on Sunday, John Wu, president of Ava Labs, said, “It’s about utility, for both crypto-native and crossover traditional tech.”

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