Avalanche Overtakes SHIB to Hop to the 15th Rank
CoinEdition
Published Jun 07, 2022 09:55AM ET
Avalanche Overtakes SHIB to Hop to the 15th Rank
- AVAX has surpassed Shiba Inu to break into the 15th position.
- The growth might be driven by the team’s recent development works.
- AVAX might be eyeing to get into the top ten.
With a market cap of $6.6 billion, Avalanche (AVAX) has surpassed Shiba Inu to become the fifteenth-most valuable cryptocurrency by market cap. SHIB is not far behind, with a market worth $5.7 billion.
Ava Labs, the company behind the AVAX token, is working on new projects and hoping to add more to the Avalanche Network, which could lead to more favorable views for the AVAX token.
This month, the Avalanche ecosystem expanded dramatically, leading to higher AVAX usability. This can be observed in the Avalanche TVL’s remarkable performance, which indicates that Avalanche DeFi is doing well.
Notably, AVAX is currently trading at $23.87, down more than 13% in the last 24 hours and 83.8 percent from its all-time high of $146, according to CoinMarketCap.
Nevertheless, AVAX has followed the current trend of most cryptocurrencies collapsing, wiping billions of dollars from coins such as bitcoin, BNB, Ethereum, and ADA.
Avalanche was released on September 21, 2020. A total of 720 million AVAX coins are available, with 280 million in circulation. The AVAX coin is classified as a utility token. When a transaction on the blockchain is paid for, the tokens used are burned, lowering the supply. At the time of writing, 1,814,478 tokens have been burned.
Avalanche focuses on increasing transaction speed, lowering costs, and being environmentally friendly. In June 2021, $230 million in AVAX tokens were offered in a private sale to fund the Avalanche ecosystem, which included the construction of a dApp platform.
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.