- Ava Lab’s Avalanche (AVAX) coin put up an impressive show, replacing Dogecoin in top 10 spot
- AVAX has sprang over 150% since the beggining of November to reach a new all-time high
- Ethereum’s high gas fees has resulted in a large exhodus of ETH supporters towards Avalanche
YEREVAN (CoinChapter.com) — Avalanche (AVAX) coin, Ethereum’s arch-rival from Ava Labs, has been on a roll.
Thanks to its parabolic rise, the project has entered the big boys club. On its way to an all-time high of $144.96, AVAX flipped meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) to bag the 10th spot by market cap. As it stands today, AVAX has rallied over 4,600% since its all-time low of $2.80 on Dec 31, 2020.
Avalanche’s bull run has made over 150% returns month-to-date.
Meanwhile, as of Friday, the AVAX price rallied by over 70%, pushing its price upwards over the weekend. The token’s impressive performance comes at the heels of a massive market bloodbath, wherein Bitcoin (BTC) has slipped below $56,000, and Ethereum (ETH) has crashed to near $4,000 per token.
However, Avalanche began its steady rally on Aug 19, making higher lows on the way. At its current value, AVAX’s price has been up by a staggering 5000% since Jan 2021.
Avalanche joins hands with Delloite
One of the major developments that propelled Avalanche’s most recent rally was the collaboration with Delloite. Avalanche announced it would be collaborating with Deloitte through a widely-circulated press release. The partnership aims to build a more efficient disaster-relief solution using the Avalanche blockchain.
The new platform, Close As You Go (CAYG), will enable governments to respond to disaster relief quickly and more efficiently.
Using Avalanche’s blockchain technology, state and local officials can quickly gather, process, and authenticate required documentation, thus improving the accuracy of federal disaster claims. The platform also helps minimize the risk of fraud and illegal claims.
The prospects of the wider AVAX use owing to the partnership brought investors swarming at the token, causing it to take off.
Avalanche (AVAX) capitalizes on Ethereum’s losses
Over the past week, social media users were busy writing Ethereum’s obituary. To many, the project has reached its zenith and has little left to offer. Three Arrows Capital’s CEO Su Zhu’s bold declaration about abandoning Ethereum kickstarted a heated debate. While those fed up with Ethereum’s high fees and neglect agreed with him, others put up a fight.
To them, abandoning Ethereum, despite the high gas fees for a centralized protocol, could not be justified. The very idea of decentralization is of paramount importance to the blockchain industry. Others accused Zhu of promoting Ethereum’s competitor Avalanche to ensure personal gains.
“A lot of people I respected earlier in this cycle have sold out in pursuit of profit maximisation, chasing opportunistic gains at the expense of their reputation, remember this when they all coming flooding back into the Ethereum ecosystem once L2 scaling becomes inevitable,”Ethereum advocate Kain argued.
Some, however, spoke with examples, showing exactly how high Ethereum gas fees went compared to Avalanche.
The argument and textual spat were not limited to the users alone. Representatives of both Avalanche and Ethereum took a jab at each other, too, turning it into an all-out war of survival.
Ava Labs founder Emin Sirer took to Twitter to deny speculations that one day their project will become slow like Ethereum. However, this did not skip the attention of Ethereum’s team lead, Péter Szilágyi. He accused Avalanche of copying Ethereum’s code.
What lies ahead for Avalance (AVAX)?
While AVAX currently faces slight correction due to investors withdrawing profits, it can continue flipping competitors. If the parabolic rise continues, the Avalanche can rise to claim the 5th spot from Solana (SOL).
In the meantime, the fall of Shiba Inu (SHIB) and Dogecoin (DOGE) may signal the end of meme coins and the adoption of serious projects instead.
Just one and a half years ago, the presale organized by Ava Labs offered each AVAX for $0.5. Its successful rise to $146 is nothing short of impressive.
While early investors are repeating the benefit, it may not be late for newcomers after all. Considering the strife between Avalanche and Ethereum, the project could make more massive gains in the weeks to come.