Avalanche Flips Dogecoin To Capture Top 9 Crypto Ranking As Market Cap Hits Past $14B
Portfolio Pulse from Mehab Qureshi
Avalanche (AVAX) has surpassed Dogecoin (DOGE) to become the ninth largest cryptocurrency by market cap, reaching over $14 billion. AVAX's price has increased by 130% over the last 30 days, outperforming DOGE's 27% growth. The increase in open interest and large transactions over $100,000 indicates strong bullish sentiment. NodeKit, developing on Avalanche, raised $1.2 million from notable investors, adding to the positive momentum for AVAX.
December 14, 2023 | 3:48 am
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NEUTRAL IMPACT
Dogecoin (DOGE) has been outpaced by Avalanche in terms of market cap ranking, with a more modest price increase of 27% over the last 30 days.
While DOGE has experienced growth, it has been overshadowed by AVAX's rapid rise. This could lead to a neutral short-term impact as the market digests the changes in ranking.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Avalanche (AVAX) has seen a significant increase in market cap, price, and investor interest, surpassing Dogecoin in ranking and experiencing a 130% price surge over the past month.
The sharp increase in AVAX's price and market cap, along with the successful fundraising for a project on its network, suggests a strong bullish sentiment that could continue to drive its price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100