Avalanche Flips Dogecoin Market Cap With Double-Digit Surge

A double-digit overnight surge has propelled Avalanche‘s AVAX token past Dogecoin (DOGE) to become the 10th-largest cryptocurrency by market capitalization.

Avalanche currently stands at $39.90, up nearly 12% on the past day, with a market cap of just under $14.7 billion, while Dogecoin has slipped by 1% in the past day to around $0.096, with a market cap of just above $13.7 billion, per data from CoinGecko.

A CoinShares report earlier this week pointed to inflows of $2 million for crypto investor funds with exposure to Avalanche, following last month’s news that banking giant JP Morgan’s blockchain Onyx made use of an Avalanche subnet in a proof-of-concept trial.

Today, Mirai Labs, the game studio behind horse-racing NFT game Pegaxy, announced that it’s migrating its ecosystem from Polygon to an Avalanche subnet.

Dogecoin’s dip comes on the heels of a week-long surge that saw it mark its 10th anniversary by reclaiming a yearly high of $0.10. Despite its overnight slump, Dogecoin remains up 8% on the week and nearly 23% on the month.

Elsewhere, Bitcoin is trading sideways on the day at around $41,800, following a Monday morning nosedive that saw it all but erase the previous week’s gains.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Edited by Andrew Hayward