The Avalanche blockchain’s native token, AVAX, has surpassed DOGE, the popular meme-inspired crypto, in terms of market capitalization. AVAX now ranks as the ninth-largest cryptocurrency in the world, after gaining 15% in value and reaching a market cap of $14.98 billion.
The impressive surge of AVAX comes amid a significant milestone for Trader Joe, the leading decentralized exchange (DEX) on the Avalanche network. Trader Joe achieved the second-highest levels of fee capture and revenue this year, according to a crypto journalist.
Colin Wu, a well-known crypto reporter, posted on X that Trader Joe’s fee capture reached $1.23 million, while its revenue rose to $145,000 in the past 24 hours, at the time of writing. Wu also pointed out that AVAX soared by 20% to break above $40, hitting its highest price since May 2022.
Trader Joe Boosts AVAX Demand & Price
AVAX’s rise to the top 10 crypto club was facilitated by DOGE’s lackluster performance in the recent market downturn. DOGE lost 15% of its value during the trading day, but recovered from a $0.0909 daily low and gained over 7% from yesterday’s low. DOGE was trading at $0.0968 at the time of writing, according to TradingView’s data.
AVAX has been on a remarkable rally in the past week, increasing by over 83.5%, as per data from CoinMarketCap. This makes it the best performer among the top 10 cryptocurrencies by market cap for the week.
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