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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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
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