IMPORTANT POINTS:
- Avalanche (AVAX) displaced Dogecoin from ninth place in the crypto market capitalization ranking.
- AVAX’s capitalization soared more than 15% to reach $14.9 billion.
- This is due to notable developments in Trader Joe, the leading decentralized exchange (DEX) on the Avalanche blockchain.
- So far this year, Avalanche has accumulated a gain of more than 250%. In the last week, it increased by 71%.
AVAX, the native token of the Avalanche blockchain, will continue its hot streak in 2023. Recently, it has surpassed Dogecoin in terms of market capitalization. Thus, it is ranked 9th in the ranking.
In the last 24 hours, AVAX has soared more than 7% to $38.20, accumulating a weekly gain of 71% and more than 250% so far this year.
Its market capitalization, on the other hand, jumped 15%, briefly reaching $14.98 billion, while now the capitalization fell to $13.9 billion. That of Dogecoin, on the other hand, is 13.3 billion.
Avalanche’s big moment coincides with notable development on Trader Joe’s, the Avalanche blockchain’s flagship decentralized exchange (DEX).
According to Colin Wu, a renowned crypto journalist, Trader Joe’s fee capture reached $1.23 million, while its revenue increased to $145,000 in the last 24 hours, at the time of reporting.
The journalist published on his Twitter account and also mentioned just when the token surpassed $40.
It should be noted that, just a week ago, Avalanche also made headlines by surpassing other major altcoins such as Polkadot, Tron, Polygon and Chainlink in terms of market capitalization.
Analyst Javon Marks is extremely positive on AVAX, believing the asset could skyrocket to $120.