Avalanche (AVAX) Overtakes Dogecoin (DOGE) as Ninth-Largest Crypto by Market Cap

The Avalanche (AVAX) network has been outperforming the leading meme-inspired cryptocurrency by market capitalization Dogecoin (DOGE), to the point it has now become the ninth largest digital asset by the metric, with a $14.1 billion market cap.

According to available market data, AVAX is up more than 44% over the past week to now trade at $38.5, as it significantly outperformed most other major digital assets, including Bitcoin, which lost 3% of its value over the same period, and Ethereum, which lost 1.7% of its value.

The meme-inspired cryptocurrency Dogecoin lost 0.8% of its value over the last few days and now has a $13.6 billion market capitalization, making it the tenth-largest digital asset by the metric above TRON’s TRX, which has a $9.32 billion market cap.

Avalanche’s surge comes at a time in which the number of large transactions on its network is on the rise, with IntoTheBlock noting that last week it saw over 1,000 transactions above the $100,000 mark.

Notably, Dogecoin has also recently been seeing growth, which seemingly hasn’t translated into its price. The meme-inspired cryptocurrency recently saw the total number of addresses on its network with a balance surpass the 5 million milestone. The number of active addresses on the network, meanwhile, has more than doubled to reach 168,000, the highest level since March of last year.

The rise came after a “massive amount” of older DOGE started moving out of wallets that has been dormant, in a sign that the price of the meme-inspired cryptocurrency could soon move upward.

Earlier this year, Avalanche announced a new partnership that was set to see it onboard up to 50 million new users into the cryptocurrency space. The partnership, with leading esports live-streaming platform Loco, which was building a suite of Web3 products, came after the platform raised $42 million in a Series A round.

Featured image via Unsplash.

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