Earlier today, Avalanche (CRYPTO: AVAX) pushed memecoin Dogecoin (CRYPTO: DOGE) out of the crypto Olympus by taking over as the tenth cryptocurrency with the highest market capitalization.
What Happened: CoinMarketCap data showed that on Sunday Dogecoin briefly became the eleventh biggest cryptocurrency after Avalanche's market cap touched a 24-hour high of $32.21 billion while Dogecoin has not seen its market cap go higher than $31.08 billion today.
For scale, both the coins are now worth more than retail behemoth Tesco PLC (OTC:TSCDY) or automaker Kia Corporation.
Avalanche has been intensely rallying after “big four” accounting firm Deloitte chose to leverage the blockchain to improve the “security, speed and accuracy” of Federal Emergency Management Agency reimbursements.
Such a partnership will likely result in an increased demand for AVAX since it serves as a basic unit of account between the subnetworks that constitute its ecosystem and as a currency that its users can stake to earn passive income.
See Also: HOW HIGH CAN AVALANCHE (AVAX) GO?
Avalance aims to be the basis for multiple blockchains with some providing the usual crypto core features while others are designed to serve a specific function.
Those application-specific blockchains are called subnets and depend on validators to stake AVAX on a base platform to secure the network and allow for its operation.