AVAX Token has Surpassed Shiba Inu Coin in Market Cap

SHIB token had its time in the spotlight and now a new proponent has entered the crypto market. This new cryptocurrency is AVAX that has been performing well in terms of a price correction for the last two months. The parent blockchain behind this token is Avalanche and it is introduced as an accounting blockchain services provider.

The latest price rally hit AVAX token after it announced a partnership with the big four accounting organizations operating out of the United States. At press time, the per-unit price of the AVAX token has reached $127. During the last 24 hours, the AVAX token has taken over the 11th top position on the cryptocurrency leaderboard replacing the SHIB token.

Avalanche Partners with Deloitte

Emin Gun Sirer is the CEO and founder of the Avalanche blockchain. Speaking to the media on the matter of signing a new deal with an organization like Deloitte, he claimed that this new venture is going to allow the developers and the financial experts to set up smarter disaster relief platforms for future uses. It is worth noting that the total market cap of the SHIB token is $25 billion, whereas AVAX has reached $27 billion recently.

In October, SHIB token took over Dogecoin for a brief moment but later on Dogecoin was able to stabilize. However, many investors did not realize that the SHIB token will run out of fuel at the current moment. Some market analyst claims that the cryptocurrency community should watch out for the AVAX token that might be able to overtake Dogecoin as well.

Last week, when the SHIB token went under a price correction of 38%, a considerable amount of investors decided to liquidate their short positions. Meanwhile, other investors decided to keep buying from the dip. For some time, the market sentiment remained bullish towards the SHIB token. Despite all the buying pressure the SHIB token price point continues to move downwards.

Investors have started to direct their attention towards a new token called the AVAX token. The Avalanche blockchain has been around for two years and hosts around 350 projects on its ecosystem for the time being. Some market analysts claim that AVAX can also become one of the smart contracts competitors for Ethereum.