With a market cap of $6.6 billion, Avalanche (AVAX) has surpassed Shiba Inu to become the fifteenth-most valuable cryptocurrency by market cap. SHIB is not far behind, with a market worth $5.7 billion.
Ava Labs, the company behind the AVAX token, is working on new projects and hoping to add more to the Avalanche Network, which could lead to more favorable views for the AVAX token.
This month, the Avalanche ecosystem expanded dramatically, leading to higher AVAX usability. This can be observed in the Avalanche TVL’s remarkable performance, which indicates that Avalanche DeFi is doing well.
Some all-time-high Avalanche metrics:— kevin.avax 🔺 good vibes only (@kevinsekniqi) June 3, 2022
– TVL (in AVAX) @ ATH: > 300M AVAX (+83% over the quarter)
– Monthly @ ATH: ~32M in May (ATH)
– Native USDC @ ATH: ~1.5B (+67% over the quarter)
– Unique contracts deployed @ ATH: >166k (+81% since May 1) pic.twitter.com/Y7SmWsnc98
Notably, AVAX is currently trading at $23.87, down more than 13% in the last 24 hours and 83.8 percent from its all-time high of $146, according to CoinMarketCap.
Nevertheless, AVAX has followed the current trend of most cryptocurrencies collapsing, wiping billions of dollars from coins such as bitcoin, BNB, Ethereum, and ADA.
Avalanche was released on September 21, 2020. A total of 720 million AVAX coins are available, with 280 million in circulation. The AVAX coin is classified as a utility token. When a transaction on the blockchain is paid for, the tokens used are burned, lowering the supply. At the time of writing, 1,814,478 tokens have been burned.
Avalanche focuses on increasing transaction speed, lowering costs, and being environmentally friendly. In June 2021, $230 million in AVAX tokens were offered in a private sale to fund the Avalanche ecosystem, which included the construction of a dApp platform.