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Avalanche (AVAX) Surpasses Shiba Inu (SHIB), Hitting Yet Another All-Time High

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Sun, 11/21/2021 - 10:05
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Alex Dovbnya
Avalanche (AVAX) is now sandwiched between Dogecoin (DOGE) and Shiba Inu (SHIB) after surging more than 14% over the past 24 hours
Avalanche (AVAX) Surpasses Shiba Inu (SHIB), Hitting Yet Another All-Time High
Cover image via stock.adobe.com

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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.        

CMC
Image by coinmarketcap.com

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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.