Avalanche Surpasses Dogecoin in Crypto Race

Avalanche's Market Cap Hits $14.23 Billion

Avalanche (AVAX), with its currency appreciating by over 6%, has recently surpassed Dogecoin (DOGE), witnessing a growth of about 4%, in the global crypto rankings.

The latest statistics reveal a significant milestone for Avalanche. Its market capitalization now stands at a remarkable $14.23 billion. This advancement has nudged Dogecoin, which holds a market value of $13.64 billion, down the leaderboard.

Avalanche's price trajectory has been notably steep

This rise is aligned with an increase in open interest for the cryptocurrency. As Avalanche's value soared to $40, the open interest concurrently rose, reaching $364 million as per CoinGlass data on December 13.

December has been a particularly lucrative month for AVAX. The cryptocurrency has been setting new daily highs consistently throughout the month. Investors in Avalanche have had a profitable period. In the last 30 days, AVAX's value s

kyrocketed by 130%, in contrast to Dogecoin’s 27% growth.

A significant contributor to Avalanche’s growth is the fundraising success of NodeKit. This team, developing on the Avalanche-powered network SEQ, recently concluded a pre-seed funding round. The round raised $1.2 million with notable investments from Borderless Capital, the Avalanche Blizzard Fund, Polygon Ventures, and the Wormhole Cross-Chain Ecosystem Fund.

Another positive development for AVAX is the increase in large-scale transactions of its token. In the week preceding December 11, the number of transactions exceeding $100,000 neared 1,000. Analytics firms have interpreted this surge as a bullish sign, indicative of strong market confidence.

While Avalanche’s recent surge in market value and investor interest marks a significant achievement, it also raises questions about the sustainability of such rapid growth in the volatile cryptocurrency market.