After reaching a partnership contract with Deloitte to increase US disaster-relief funding, Avalanche cryptocurrency has moved Dogecoin out of the top ten.
After more than doubling in price since the beginning of November, the Avalanche token, AVAX, is currently the tenth-largest cryptocurrency by market capitalization. In doing so, it surpassed Dogecoin’s $30.30 billion in circulation market capitalization for the first time.
One of the major Decentralised Finance (DeFi) blockchains, Avalanche, has set a new high of $144.96. Its valuation soared when the company’s founder, Ava Labs, announced a partnership with Deloitte last week to develop more effective disaster assistance solutions.
Avalanche has more than tripled in the last 30 days and is up over 3,000% in the last year.
The entry of a large consulting firm into blockchain technology demonstrates how mainstream the digital world has become. Deloitte has struck a strategic relationship with technology firm Ava Labs to enable a new disaster recovery platform that uses the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency aid, according to a news statement.
The cloud-based platform will employ the Avalanche blockchain to provide state and local governments with a decentralised, transparent, and cost-effective system that empowers both grant makers and funding recipients while reducing fraud, waste, and abuse, according to the press release.
Deloitte has partnered with Ava Labs to create a new disaster recovery platform that uses the Avalanche blockchain to make it easier for state and local governments to confirm their eligibility for federal emergency funds.
Polychain and Three Arrows Capital, who also funded the $200 million-plus Blizzard fund launched a few weeks ago to stimulate Avalanche development, reported in September that the Avalanche Foundation had raised $230 million through a private sale of the tokens.
Bitcoin, for example, has dropped over 20% from its all-time high of $69,000, and Ether, the second-largest cryptocurrency by market value and Avalanche’s main competitor, has dropped 19% from its all-time high of $4,867.
However, it has had little effect on AVAX in the last week.