Key takeaways
- Avalanche has flipped Shiba Inu (SHIB) in market valuation.
- AVAX is currently trading at an all-time high of $127 on the back of news of its partnership with “big four” accounting firm Deloitte.
- The Avalanche ecosystem has been growing exponentially since the blockchain launched last year.
There has been a reshuffle in the cryptocurrency rankings today. The market capitalization of AVAX, the native token of the Avalanche blockchain network, has surpassed Shiba Inu (SHIB) in value. AVAX has flipped the rave meme coin to become the 11th biggest cryptocurrency by market capitalization.
The market cap of AVAX currently stands at over $27 billion, compared to SHIB’s $25 billion. The flipping is coming on the back of a mammoth surge in the price of AVAX in the last few days since Ava Labs, the developers of the Avalanche blockchain announced a partnership with “Big Four” accounting firm Deloitte.
The announcement was made on Tuesday by Emin Gun Sirer, founder of Avalanche and CEO of Ava Labs. Sirer revealed that the partnership will be aimed at building more efficient disaster relief platforms using the Avalanche blockchain.
The announcement is considered to be very bullish for the adoption of Avalanche. According to “CryyptoSeq,” a pseudonymous crypto analyst on Twitter, the fact that Deloitte, a Fortune 500 company, is choosing Avalanche for the partnership is a sign of better things to come.
AVAX has been defying the general crypto market price slump as it is up 31.8% in the last 7 days. On the day, AVAX is up around 16% and is trading at a new all-time high of $127. It has also reached a new all-time high price of 0.00214 in the AVAX/BTC price index. In comparison, other top cryptocurrencies are down between 9 and 10% in the last seven days. Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), and Solana (SOL) are down 10.73%, 9.17%, 10.85%, and 12.55% respectively.
The competition with SHIB is quite stiff however as the joke coin only surpassed AVAX back in October when it rallied to a new all-time high. In October, SHIB also put Dogecoin (DOGE) and Terra (LUNA) behind it. DOGE has since surpassed SHIB in market cap. Hence, it is no surprise that AVAX has surpassed SHIB as the dog-themed meme coin has been turbulent in price recently. SHIB is currently down around 40% from its all-time high.
While Avalanche and Shiba Inu share the similarity of being relatively young ecosystems, both being just a little over a year old, AVAX is a more solemn blockchain network. Since its launch around 24 months ago, the Avalanche ecosystem has been growing exponentially. The blockchain currently has over 350 projects built on it and more to come.
This has made Avalanche to be billed as one of the strong contenders for Ethereum’s dominance as the leading smart contracts platform. Being a younger blockchain, Avalanche has the advantage of being more scalable, faster, and cheaper than Ethereum.
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