In a surprising turn of events, Avalanche (AVAX) has outpaced Dogecoin (DOGE), claiming the ninth spot among the largest cryptocurrencies by market capitalization. The market cap of AVAX surged by 15% within a day, hitting a staggering $14.98 billion. This shift was largely driven by heightened activity on Trader Joe, the leading decentralized exchange (DEX) on the Avalanche blockchain.
Avalanche Outshines Dogecoin
AVAX, the native token of the Avalanche blockchain, has successfully leapfrogged DOGE, the internet meme-based cryptocurrency with the Shiba Inu logo. The market cap of AVAX rose by 15%, reaching an impressive $14.98 billion and thus securing its place as the ninth-largest cryptocurrency.
The substantial increase in AVAX’s value and ranking coincides with significant activity on Trader Joe, the top DEX on the Avalanche blockchain. The fee capture of Trader Joe hit $1.23 million, while its revenue climbed to $145,000 within 24 hours, according to prominent crypto journalist Colin Wu.
Impressive Performance of AVAX
Wu’s report highlights that the fee capture and revenue generated on Trader Joe during this period were the second-highest for the year. Furthermore, AVAX’s price rose by over 20% to exceed $40, marking its highest price point since May 2022.
As previously mentioned, AVAX surpassed DOGE on its way to the top 10 cryptocurrencies, following a somewhat contradictory performance by DOGE. While the broader crypto market experienced a pullback, DOGE saw a price drop of 15% during the trading day. However, DOGE managed to recover from a daily low of $0.0909, gaining over 7% from the previous day’s low.
AVAX’s Remarkable Run
The performance of AVAX over the past week has been nothing short of remarkable. Data from CoinMarketCap reveals that the token has gained over 83.5% in the past week, making it the highest gainer among the top 10 cryptocurrencies by market cap for the reviewed period.
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While Avalanche Market Cap Surpasses DOGE, it’s essential to remember that the crypto market is highly volatile and subject to rapid changes. Therefore, investors should always do their due diligence before making any investment decisions.
