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.<\/p>\n
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.<\/p>\n
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\u2019s TRX, which has a $9.32 billion market cap.<\/p>\n
Avalanche\u2019s 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.<\/p>\n
Notably, Dogecoin has also recently been seeing growth, which seemingly hasn\u2019t translated into its price. The meme-inspired cryptocurrency recently saw the\u00a0total 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.<\/p>\n
The rise came after a \u201cmassive amount\u201d 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.<\/p>\n
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.<\/p>\n