Avalanche (AVAX), the native token of the eponymous smart contract platform, has soared to yet another all-time high of $138 at 8:03 a.m. UTC on the Binance exchange.
The “Ethereum killer” has now surpassed meme coin Shiba Inu by market capitalization, occupying the 11th spot on cryptocurrency ranking website CoinMarketCap. The two cryptocurrencies are worth $29.9 billion and $25.2 billion, respectively, at press time.
Avalanche has managed to briefly push Dogecoin out of the top 10 once again after soaring more than 14% over the 24 hours.
Together with AVAX, there were five Layer-1 tokens that directly compete with Ether.
Key reasons behind AVAX’s rally
The AVAX price has been on a roll since Ava Labs CEO Emin Gün Sirer announced a tie-up with “Big Four” accounting firm Deloitte on Nov. 16.
Earlier this November, Avalanche supporters also launched a new fund called Blizzard, which received an impressive $220 million in seed investing from such contributors as Three Arrows Capital, Dragonfly Capital and CMS Holdings.
On top of that, Tether, the top stablecoin, announced support for the Avalanche blockchain last Wednesday.