22 Nov 2021
Avalanche Crypto Value Crosses Shiba Inu with New Deloitte Deal
The Index Today
The Avalanche Crypto Community briefly held a position in the top 10 by market value and even beat Dogecoin and Shiba Inu in the past several days, reaching a record of $144.96. The boost was mainly caused by the U.S disaster-relief funding deal aimed at building platforms.
AVAX, the Avalanche token currently holds the 11th position in market value of $29 billion. Ava Labs recent announced a new partnership with Deloitte which will enable them to build new and more efficient disaster-relief platforms for the local government. According to a post from Ava Labs, The Close as You Go platform utilized blockchain technology to improve Federal Emergency Management Agency funding and help streamline reimbursement applications.
“It’s another example of faster, cheaper Ethereum competitors doing well. There’s a huge wealth effect and a lot of opportunistic and mobile capital,” said Jonathan Cheesman, head of institutional and OTC sales at FTX. Avalanche Crypto went up 3,000% in the last year despite market fluctuations. Many deem cryptocurrencies as highly volatile and can see major ups and downs in the market.
In September, the Avalanche Crypto Foundation said it sold tokens through a private sale and managed to raise $230 million. Polychain and Three Arrows Capital were among the leading participants who supported the fund.