earlier in the day, Avalanche (CRYPTO: AVAX) memecoin دفع payment Dogecoin (CRYPTO: DOGE) exited Crypto Olympus by acquiring it as the 10th cryptocurrency with the highest market capitalization.
What happened: CoinMarketCap data showed that on Sunday, Dogecoin briefly became the 11th largest cryptocurrency after Avalanche’s market cap touched a 24-hour high at $32.21 billion while Dogecoin did not see its market cap rise above $31.08 billion today.
For the scale, both pieces are now worth more than the retail giant Tesco PLC (OTC: TSCDY) or Kia Motors Corporation.
The avalanche was gathering steam after the “Big Four” accounting firm Deloitte chose to take advantage of the blockchain to improve “security, speed and accuracy” for FEMA payments.
This partnership is likely to increase the demand for AVAX as it serves as the primary unit of account among the subnets that make up its ecosystem and as a currency in which its users can participate to earn passive income.
See also: How far can an avalanche (AVAX) reach?
Avalance aims to be the basis for many blockchains while providing some of the usual core features of cryptocurrencies while others are designed to serve a specific function.
Application-specific blockchains are called subnets and rely on validators to share AVAX on a platform to secure the network and allow it to run.