Ethereum Rival Surpasses Shiba Inu and Dogecoin to Become 10th Largest Crypto Asset by Market Cap

Ethereum Rival Surpasses Shiba Inu and Dogecoin to Become 10th Largest Crypto Asset by Market Cap

An Ethereum competitor has surged past Shiba Inu (SHIB) and Dogecoin (DOGE) in market cap and is now the 10th largest crypto asset in existence.

Following a massive seven-day rally, Avalanche (AVAX) has attained a market cap of $30.03 billion, closely followed by DOGE’s $29.6 billion. SHIB is now behind DOGE with a market cap of $24.8 billion. 

The rise of AVAX follows news that Ava Labs, the company behind the smart contract platform, entered a strategic partnership with Big Four accounting firm Deloitte, which provides accounting services for the majority of Fortune 500 companies.

The deal enables Deloitte to use the Avalanche blockchain in its new disaster recovery platform Close As You Go (CAYG), which was built to streamline the reimbursement processes for victims of natural disasters.

AVAX is showing strong network effects and adoption rates. Avalanche now has 99,401 daily active addresses, an exponential rise from just 1,890 on August 1st.

Source: Avalanche

Monthly active addresses also rose from just 90,565 in August to 471,785 in November. In January, the number was 3,382. 

Source: Avalanche

Avalanche utilizes a proof-of-stake consensus mechanism, which rewards holders of AVAX who lock up their tokens in order to help power the network.

The network confirms transactions in a matter of seconds and is completely compatible with the Ethereum development kit, allowing developers to easily port projects over to the network.

In September, Avalanche announced a $230 million funding round led by Polychain and Three Arrows Capital, with contributions from R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital.

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Featured Image: Shutterstock/Tithi Luadthong

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