Dogecoin (DOGE)’s position as the tenth-largest cryptocurrency by market capitalisation has recently been taken over by Avalanche (AVAX). AVAX has more than doubled in price since the start of November, and eventually pushing DOGE out of its spot.
As of writing, Avalanche is valued at $134.50 after decreasing by 1.26% in the past 24 hours. The crypto asset has a market cap of over $29.6 billion (against DOGE’s current market cap of over $29.4 billion) and a circulating supply of more than 220 million AVAX coins.
Bitcoin and Ether’s bear run has done very little to impact Avalanche’s rising price for the past ten days, having rallied by over 64% when Bitcoin and Ether were experiencing a price correction.
One of the primary catalysts for AVAX’s rally is the announcement of a Delloite partnership. Avalanche will be collaborating with Delloite to build a highly efficient disaster relief platform on the Avalanche blockchain. The ‘Close As You Go’ platform will leverage the blockchain in order to improve speed, security and accuracy of FEMA funding.
Avalanche Labs founder Emin Sirer stated that the platform provides a decentralised, low-cost and fully immutable system for state and local officials, empowering both grant funders and aid recipients while also reducing fraud, waste and abuse with the transparency of blockchain.
The Avalanche network collects, processes and authenticates the required documents speedily, which improves the accuracy of federal disaster claims as it significantly reduces human errors.