Avalanche price | Shiba Inu Price: Up 3,000% YTD, This Token Sends Shiba Inu Among Top 10 Cryptos

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By Joanna Ossinger The Avalanche cryptocurrency has surged in the past few days, briefly placing it in the top 10 in terms of market value and surpassing Dogecoin and Shiba Inu, after a deal linked to improving US funding for disaster relief. disaster.

The Avalanche token, AVAX, hit a record high of $ 144.96 on Sunday before slashing some gains, according to CoinGecko pricing, and now sits 11th in the market value rankings at around $ 29 billion – between Dogecoin and Shiba Inu memecoins. It jumped after creator Ava Labs announced a partnership with Deloitte last week to create more effective disaster relief platforms.

“This is another example of faster, cheaper Ethereum competitors doing well,” said Jonathan Cheesman, head of institutional and over-the-counter sales at the FTX crypto derivatives exchange, in an email Sunday. , also citing the Deloitte agreement. “There is a huge wealth effect and a lot of opportunistic and mobile capital. ”

The Close As You Go platform leverages the Avalanche blockchain to improve the security, speed and accuracy of Federal Emergency Management Agency funding, according to an Ava Labs article, and will help national and local authorities to simplify and streamline disaster reimbursement claims.

Bloomberg Avalanche has doubled in the past 30 days and is up more than 3,000% year on year. At the same time, cryptocurrencies can be notoriously volatile, and even those reaching the top level of market value can have significant ups and downs. For example, Cardano’s ADA token is down more than 40% from its high in early September, and Polkadot’s DOT is down 25% from a high several weeks ago.

The Avalanche Foundation said in September it had raised $ 230 million through a private sale of the tokens, with participants including Polychain and Three Arrows Capital – who also backed the more than $ 200 million Blizzard fund announced several ago. weeks to promote development on Avalanche.

“This is about utility, both for traditional crypto-native and crossover technologies,” John Wu, president of Ava Labs, said in a post Sunday.

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