Avalanche Avax Surpasses Shiba Inu Shib And Reaches A New High

Avalanche (AVAX), the native token of the namesake smart contract platform, hit a new all-time high of $138 on the Binance market at 8:03 a.m. UTC.

By market capitalization, the “Ethereum killer” has already eclipsed meme coin Shiba Inu and is now ranked 11th on cryptocurrency ranking website CoinMarketCap. At press time, the two cryptocurrencies are worth $29.9 billion and $25.2 billion, respectively.

After surging more than 14 percent in the last 24 hours, Avalanche has managed to briefly push Dogecoin out of the top ten.

There were five Layer-1 coins that competed directly with Ether, in addition to AVAX.

AVAX’s surge is being fueled by a number of factors. Since Ava Labs CEO Emin Gün Sirer announced a partnership with “Big Four” accounting firm Deloitte on Nov. 16, the AVAX price has been on a tear.

$AVAX enters the top 10 on @CoinMarketCap ! pic.twitter.com/4UEXVFqxrO

— Nicolas (🔭,🔺) (@nicolas_a4) November 21, 2021

Avalanche supporters also created a new fund named Blizzard earlier this month, which got a whopping $220 million in early funding from investors like Three Arrows Capital, Dragonfly Capital, and CMS Holdings.

Tether, the most popular stablecoin, also announced support for the Avalanche blockchain on Wednesday.