Avalanche Flips Dogecoin Market Cap With Double-Digit Surge

A double-digit overnight surge has propelled Avalanche's AVAX token past Dogecoin (DOGE) to become the 10th-largest cryptocurrency by market capitalization.

Avalanche currently stands at $39.90, up nearly 12% on the past day, with a market cap of just under $14.7 billion, while Dogecoin has slipped by 1% in the past day to around $0.096, with a market cap of just above $13.7 billion, per data from CoinGecko.

A CoinShares report earlier this week pointed to inflows of $2 million for crypto investor funds with exposure to Avalanche, following last month's news that banking giant JP Morgan's blockchain Onyx made use of an Avalanche subnet in a proof-of-concept trial.

Today, Mirai Labs, the game studio behind horse-racing NFT game Pegaxy, announced that it's migrating its ecosystem from Polygon to an Avalanche subnet.

Dogecoin's dip comes on the heels of a week-long surge that saw it mark its 10th anniversary by reclaiming a yearly high of $0.10. Despite its overnight slump, Dogecoin remains up 8% on the week and nearly 23% on the month.

Elsewhere, Bitcoin is trading sideways on the day at around $41,800, following a Monday morning nosedive that saw it all but erase the previous week’s gains.

Edited by Andrew Hayward