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Chase for Profit: AVAX Replaces SHIB

24 Nov, 2021
AVAX Replaces SHIB

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Cryptocurrency traders cause cashflows to go up and down while searching for fast-growing projects, which causes high volatility. Last month, Shiba Inu was among the favourites with a 100-fold growth in one month. In November, Avalanche has been a strong performer, seeing 109% growth in the past 22 days, even among a generally consolidating cryptocurrency market

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A good way to see the change in sentiment is to look at daily volume. A month ago, SHIB was among the top three crypto coins by this metric, being behind Bitcoin and Ethereum (excluding stablecoins). 

Image source: coindesk.com

Now, its place has been taken by AVAX, which has a trading volume of $3.7 billion and a market capitalisation of $29.7 billion that earned it a place in the top 10 cryptocurrencies by market cap.

Image source: coinmarketcap.com

Avalanche can boast a high throughput of up to 10,000 transactions per second and super-low network fees. Because of the shard chains, the network does not have high workloads and has good scalability. It has been just over a year since its mainnet launched, and AVAX already has $12.4 billion worth of staked funds, which makes this blockchain the fourth most-popular one in DeFi.

Image source: cointelegraph.com

The project’s practicality has been duly rated by one of the biggest consulting companies, Deloitte. Last week, their collaborative work on a platform for help in natural disasters, Close As You Go (CAYG), became known. CAYG is a cloud-based solution optimising applications for federal aid. Avalanche is providing security, high-speed access to financing and transparent operations.

Shiba Inu is a meme cryptocurrency, and its initial goal was to overtake Dogecoin by market capitalisation. The price of such coins strongly depends on speculative interest. As a result, SHIB has fallen almost twofold this month. Avalanche sets more serious goals of providing high throughput speeds in the world of finance without sacrificing decentralisation and security. This supports long-term interest in AVAX, while SHIB risks falling further.

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