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Avalanche Flips Dogecoin Market Cap
Avalanche’s AVAX token has surged to become the 10th-largest cryptocurrency by market capitalization, with a market cap of just under $14.7 billion.
Avalanche’s value is currently at $39.90, up 12% on the past day. Dogecoin has slipped by 1% to around $0.096, with a market cap of just above $13.7 billion.
A CoinShares report reported $2 million in inflows for crypto investor funds with exposure to Avalanche, following news that JP Morgan’s blockchain Onyx used an Avalanche subnet in a proof-of-concept trial.
Mirai Labs, the game studio behind Pegaxy, is migrating its ecosystem from Polygon to an Avalanche subnet. Despite investors primarily focusing on Bitcoin, funds with exposure to Solana and Avalanche received $3 million and $2 million, respectively.
(With inputs from Shikha Singh)
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