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cAvalanche (AVAX) is finally gaining attention on the crypto market following a new shoutout from Dogecoin cofounder Billy Markus. The crypto X personality revealed a new ranking that placed Avalanche ahead of unnamed rivals in the Web3 ecosystem. It is worth noting that this comment comes as AVAX has been gaining new attention on the social scene in the past few months.
Avalanche ranked number 1 on crypto list
Billy Markus is known as a cryptic, fun crypto personality, whose conversations are rarely an endorsement beyond Bitcoin and Dogecoin. In the X post, he said, cryptically, that Avalanche leads five projects that are giving points for posting about them.
The Dogecoin founder, known as Shibetoshi Nakamoto, responded that he does not "know what the points do."
For the list of projects that fall in this group, Avalanche leads. The crypto ranking, however, pooled no known project in 2nd to 5th place.
As a way to connect with the community, Avalanche has a reward scheme for engaging with content-promoting projects. This initiative has gained traction in recent times, with tokens like $BELLS and MANYU benefiting from it.
Avalanche was once a major crypto on the market, with AVAX whale transactions known to dominate the ecosystem. However, the competition in the industry grew bigger, with newer projects like Hyperliquid taking center stage.
Despite the innovative technology that the Avalanche protocol brandishes, it needs a community-driven boost that is just playing out.
AVAX price and market revaluation
Since the Avalanche9000 protocol upgrade from earlier in the year, there has been a huge expectation for the AVAX price to break new highs. At press time, the layer-1 protocol was changing hands for $20.82, up 2.35% in the past 24 hours.
Over time, Avalanche has been displaced by other protocols, and it currently ranks as the 17th largest digital currency with a market cap of $8.891 billion. It is now below its major peers, including Solana and Cardano, in the top asset rankings.
The Dogecoin cofounder’s shoutout lends credence to how Avalanche remains a major player in the ecosystem. In recognition of its uniqueness, Grayscale Investments launched a trust for AVAX over a year ago.
This move has increased the likelihood of the coin receiving approval for a spot exchange-traded fund (ETF) product as the market adjusts to the new U.S. SEC regime.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team