Avalanche (CRYPTO: AVAX) pushed meme coin Dogecoin (CRYPTO: DOGE) out of the crypto Olympus on Sunday morning, taking over as the tenth-largest cryptocurrency in the world by market value.
What Happened: According to CoinMarketCap, Dogecoin temporarily became the eleventh largest cryptocurrency yesterday, Sunday after Avalanche’s market cap reached a 24-hour high of $32.21 billion, while Dogecoin’s market cap has not risen above $31.08 billion yesterday, Sunday.
Dogecoin and Avalanche coins are now worth more than retail powerhouse Tesco PLC (OTC: TSCDY) and manufacturer Kia Corporation, in terms of scale.
After the “big four” accounting company Deloitte elected to use the blockchain to increase the “security, speed, and accuracy” of Federal Emergency Management Agency payments, Avalanche has been on a tear.
Because AVAX serves as a basic unit of account between the subnetworks that make up its ecosystem, as well as a currency that users can stake to earn passive income, such cooperation is expected to raise demand for AVAX.
Avalanche aspires to be the foundation for several blockchains, some of which will provide standard crypto capabilities while others would be tailored to a specific aim and purpose.
Those application-specific blockchains are widely regarded as subnets and depend on validators to stake AVAX on a base platform to secure the network and allow for its operation.
What is Avalanche?
Avalanche is an Ethereum competitor that offers developers opportunities to build decentralized applications (Dapps) and bespoke blockchains on its platform. Avalanche’s native AVAX token, which was launched by Ava Labs in the year 2020 and has a capped supply of 720 million, is used as part of the consensus mechanism and to pay network fees.
AVAX has lately risen in value, trading at $104.21, up 85 percent in just a month. The advances propelled the token beyond Terra’s LUNA token to become the fifth-largest among Ethereum competitors, or so-called layer 1 (base layer) alternatives, with a market valuation of almost $23 billion.
What is Dogecoin?
Dogecoin is a cryptocurrency that is similar to Bitcoin and Ethereum, but it’s not the same as either of these popular coins. Dogecoin was named after a once-popular meme and was created at least in part as a lighthearted joke for crypto enthusiasts. Despite its strange genesis story, Dogecoin has exploded in popularity in 2021, becoming one of the largest cryptocurrencies by market capitalization.
Dogecoin’s emblem and name are inspired by the Shiba Inu dog from the “Doge” meme.
It was first released on December 6, 2013, and it swiftly grew its online community, eventually reaching a market capitalization of more than $85 billion on May 5, 2021.
Watford of the Premier League currently has it as their sleeve sponsor.
Dogecoin.com promotes money as a “fun and friendly Internet currency,” referring to its “joke” beginnings.