Avalanche's AVAX Token Surpasses Dogecoin in Market Capitalization

According to Decrypt, Avalanche's AVAX token has experienced a double-digit overnight surge, pushing it past Dogecoin (DOGE) to become the 10th-largest cryptocurrency by market capitalization. Currently, Avalanche is valued at $39.90, up nearly 12% in the past day, with a market cap of just under $14.7 billion. In contrast, Dogecoin has slipped by 1% in the past day to around $0.096, with a market cap of just above $13.7 billion, as per data from CoinGecko. A CoinShares report earlier this week highlighted inflows of $2 million for crypto investor funds with exposure to Avalanche, following last month's news that JP Morgan's blockchain Onyx utilized an Avalanche subnet in a proof-of-concept trial. Today, Mirai Labs, the game studio behind horse-racing NFT game Pegaxy, announced its migration from Polygon to an Avalanche subnet. Dogecoin's dip follows a week-long surge that saw it celebrate its 10th anniversary by reclaiming a yearly high of $0.10. Despite the overnight slump, Dogecoin remains up 8% on the week and nearly 23% on the month. Meanwhile, Bitcoin is trading sideways on the day at around $41,800, following a Monday morning nosedive that almost wiped out the previous week's gains.