TL;DR Breakdown
- Avalanche (AVAX) has left behind Shiba Inu (SHIB), showing worth $30 billion in the recent market valuation.
- Since its launch, AVAX has left behind many currencies and has shown exponential growth.
- Its growth has given alarms to its competitors and those ranking on the top like ETH.
- AVAX contends for the key position in the ranking of cryptocurrencies as it has soared high; even the leading names have seen a fall in value.
Avalanche (AVAX), a relatively new name in crypto, has upset the market by beating its competitors and showing positive growth in recent times. This impact results from its deal with Deloitte, which signifies how promising it could be in the coming times.
A strategic deal was signed between AVA Labs and Deloitte to ensure that an avalanche-related recovery platform is established, making it easier for those affected. The rise in the value of AVAX was all times high in 1 month, amounting to 90%. If the data for the previous year is taken, this amounts to a rise of 2,783%, which is enormous compared to other cryptocurrencies.
With its rise, Avalanche has given tough times to its competitors SHIB and DOGE. Its trading value has reached its all-time high of $127. AVAX’s market cap went $30.60B as per the latest update by Investing.com, while that of SHIB was $25B. Avalanche has also left behind Dogecoin by strengthening 10th position in the list, thus ousting Dogecoin from the top 10.
If Avalanche rises further, it might end the meme season by outclassing meme coins.
Meme coins and their competition with Avalanche
Dogecoin, a relatively older cryptocurrency launched in 2013, and Shiba Inu, another currency launched a year back, have seen tough competition with Avalanche. These are called meme coins because of their rise resulting from memes and their impact on investments. Though initially meant to be making fun of Bitcoin, Doge and Shiba Inu have risen due to the in-flow of investments.
In October, SHIB and Doge ranked ninth and tenth, respectively, showing promise of further improvement. This showed how internet memes could take a severe turn. What makes these two meme coins risky is the absence of intent, making other currencies reliable. As people are racing to invest in them, they might burn the investments resulting from mere speculation.
Avalanche came to the competition when it signed a deal with Deloitte, one of the ‘Big Four’ accounting firms. This recent development led to a rise in the value of AVAX. Its market cap suddenly soared, resulting from the trust that Deloitte, a Fortune 500 company, has put in it.
AVAX rose 90% in one month after it signed this deal. It has raised alarms for Ethereum because of its rise and its operating domain, i.e., proof of stakes smart platform. With its rise, it left behind SHIB, whose value stood at $25 billion, while Avalanche crossed $27 billion, increasing to $30 billion on November 21.
Their partnership with Deloitte is aimed at promoting transparency, ease, reducing fraudulent transactions. It will help relieve avalanche-affected people, ensuring that the job becomes easy for the government.
How is AVAX giving SHIB and Doge a tough time?
According to analysts, this partnership promises good days for AVAX while an alarm for meme coins. Though AVAX has already been ousted the meme coins from the top ten, it might further lower its market cap by attracting investments. It also poses threats for those ranking higher on the list. The previous week showed a rise of 31.8%, and it shows the extent of its growth.
If its market cap comparison with BTC is made, its AVAX/BTC value recorded was 0.00214. Comparatively, a fall of 9 to 10 percent was noticed regarding other currencies, including BTC, ETH, SOL, BNB, etc.
SHIB and Doge were in the news because of fluctuation in their value. SHIB had given Doge and Terra a tough time by attracting investments and a rise in value. Though SHIB had seen a rise, its value compared to its all-time high is 40% lower.
Though more fluctuations might be seen in coming times, AVAX has much strengthened its position. It has more than 350 projects based on the Avalanche project, and Deloitte has also thrown its weight in AVAX’s favor.
Despite the competition from SHIB and DOGE, Avalanche has strengthened its position for survival and given tough times to top position holders. It is posing threats to the dominance of Ethereum because of its being fast, cheap, and more scalable.
How are memes shaping the ‘real’ crypto market?
Memes have shaped the real crypto market by attracting investments. Though promoted jokingly, SHIB proved to attract investors and subsequently rose in value. It also shows the fluctuations in the market, which are based on speculations instead of firm foundations.
Though SHIB and Doge have seen a rise, AVAX seems to have strengthened its position by attracting attention. It will continue to rise because of its firm intent, investors, and strategic alliances. It looks like a promising currency that will put a definitive end to meme currencies if it continues to rise.
Final Words
Avalanche has built its firm foundations, and statistics show that it will rise further. The fact-based data like alliances and agreements further strengthen its position. If it keeps growing, then it will also be alarming for giants in the crypto market like BTC, ETH. It shows the potential to compete with top currencies and deliver some breakthroughs, including wiping the meme coins.
