Benzinga - Avalanche (CRYPTO: AVAX) has eclipsed Dogecoin (CRYPTO: DOGE) to claim the ninth spot on CoinMarketCap’s leaderboard of the top 100 cryptocurrencies.
What happened: The market value of Avalanche has swelled to $14.23 billion at the last count, edging out Dogecoin’s $13.64 billion market cap.
At the time of writing, AVAX was up 10% in the last 24 hours, while DOGE was up 4%.
The price trajectory for Avalanche has been on a notably sharp incline, coinciding with a peak in open interest for the cryptocurrency. As Avalanche’s value soared to $40, the open interest concurrently rose. According to data from CoinGlass on December 13, the open interest hit $364 million.
Notably, December has been a remarkable month for AVAX, as it has registered new daily highs consistently throughout the month.
The past month has been particularly profitable for investors in Avalanche. Over the last 30 days, AVAX has skyrocketed by 130%, while Dogecoin’s growth was 27%.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Supplementing Avalanche’s growth narrative is the successful fundraising conducted by NodeKit, a team developing the Avalanche-powered network SEQ. In a pre-seed funding round that garnered $1.2 million, NodeKit attracted investments from leading firms including Borderless Capital, which led the round. Other notable participants included the Avalanche Blizzard Fund, Polygon Ventures, and Wormhole Cross-Chain Ecosystem Fund, each contributing to the capital influx.
Adding to the avalanche of positive developments, AVAX has witnessed a surge in the volume of large-scale transactions of its token. In a display of investor interest, the transaction count featuring moves greater than $100,000 hit a nearly 1,000 in the week preceding December 11. This flurry of high-value transactions was characterized by analytics firms as a “positive sign for the bulls,” reflecting a strong bullish sentiment among market participants.
The number of large $AVAX transactions is on the rise, peaking at nearly 1000 transactions bigger than $100k last week. While this is still not close to levels of the last bull market, it is a positive sign for the bulls. pic.twitter.com/PRGpsewWg2— IntoTheBlock (@intotheblock) December 11, 2023
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