Coin Edition -
- Avalanche (AVAX) flipped Dogecoin (DOGE) and became the ninth-largest cryptocurrency by market capitalization.
- AVAX’s market cap gained 15% in the past 24 hours, reaching $14.98 billion.
- The price surge on AVAX was propelled by increased activity on Trader Joe, Avalanche’s top DEX.
AVAX, the native cryptocurrency of the Avalanche blockchain, flipped DOGE, the internet meme-based crypto token featuring the Shiba Inu logo, to become the ninth-largest cryptocurrency by market capitalization. AVAX became the ninth largest cryptocurrency after its market cap gained 15%, reaching $14.98 billion.
The significant rise in the value and ranking of AVAX in the past 24 hours coincides with a notable development on Trader Joe, the Avalanche blockchain’s top decentralized exchange (DEX). According to Colin Wu, a renowned crypto journalist, Trader Joe’s fee capture reached $1.23 million, while its revenue rose to $145,000 in the past 24 hours, at the time of the report.
On December 11, Avalanche’s top DEX Trader Joe’s fee capture reached $1.23 million and revenue reached $145k, both reaching the second highest during the year. In the past 24h, AVAX rose by more than 20% to exceed $40, entering the top ten in market capitalization and hitting a…— Wu Blockchain (@WuBlockchain) December 12, 2023
Wu’s post on X indicated that the fee capture and revenue generated on Trader Joe during this period marked the second-highest levels for both metrics this year. Wu also noted that AVAX rose by 20% to climb above $40, marking its highest price since May 2022.
As earlier indicated, AVAX flipped DOGE yesterday on its way into the top 10 cryptos category, following a relatively contradicting performance by the latter. DOGE traded bearishly amid a general pullback in the crypto market, with the price dropping by 15% during the trading day. However, DOGE bounced off a $0.0909 daily low and has gained over 7% from yesterday’s low. TadingView’s data showed the flagship meme coin traded for $0.0968 at the time of writing.
Yesterday’s performance adds to AVAX’s impressive run in the past seven days. The blockchain token has gained over 83.5% in the past week, according to data from CoinMarketCap. That makes it the highest gainer among the top 10 cryptocurrencies by market cap for the period under review.
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