Avalanche Overtakes Dogecoin, Shiba Inu in Market Value After Deloitte Deal

Avalanche has announced a partnership with Deloitte to build more efficient disaster relief platforms in the US.

By Shomik Sen Bhattacharjee | Updated: 22 November 2021 16:19 IST

Avalanche Overtakes Dogecoin, Shiba Inu in Market Value After Deloitte Deal

Photo Credit: Pexels/ RODNAE Productions

Avalanche's AVAX token was up by over 20% in the past week

Highlights

Avalanche is now a top 10 cryptocurrency, by market cap
Avalanche is quickly becoming a serious Ethereum competitor
Avalanche has surged 47 percent over the past week alone

Ethereum-rival and popular Layer-1 blockchain platform Avalanche has been creating a stir in the cryptocurrency market, managing to surpass the likes of Dogecoin and Shiba Inu to make it into the list of top 10 cryptocurrencies in terms of market capitalisation. A number of factors have helped propel Avalanche to scale to a new all-time high but the biggest push behind its most recent rally is the announcement of a collaboration with "big four" professional services firm, Deloitte. The announcement notes that Avalanche will work with Deloitte in building a more efficient disaster-relief platform on the Avalanche blockchain.

Avalanche's native token AVAX topped an all-time high of $146 (roughly Rs. 10,867) on Sunday, November 21, adding over 20 percent in value within a 24-hour period. As per data from CoinGecko, AVAX has surged nearly 47 percent in seven days, a massive 83 percent in two weeks, and more than 133 percent over the last three months. The blockchain currently has over 350 projects built on it and more to come — making Avalanche a strong contender for Ethereum's dominance as the leading smart contracts platform. Avalanche also has a few advantages over Ethereum. It is more easily scalable, faster, and more cost-effective than Ethereum.

The collaboration with Deloitte is a testament to its preference over Ethereum too. As per a Deloitte press release on the collaboration, the "Close as You Go Service" aims to simplify "disaster reimbursement applications for victims of natural disaster, by aggregating, and validating the documentation required for funding."

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"The security and fast consensus of the Avalanche network quickly gathers, processes and authenticates required documents, improving the accuracy of federal disaster claims because of the nature of how code governs the process," says Emin Gün Sirer, founder of Avalanche Labs. He goes on to mention that since Avalanche boasts of being a carbon-neutral platform, its eco-friendly goals align well with that of Deloitte too.

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Earlier this November, Avalanche supporters also launched a new fund called Blizzard, which received an impressive $220 million (roughly Rs. 1,638.79 crore) in seed investing from such contributors that include Three Arrows Capital — a company that has supported Ethereum in the past but has moved to Avalanche due to high gas fees.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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