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Cryptocurrency News Articles

Avalanche (AVAX) and Dogecoin (DOGE) Exhibit Strong Potential to Reach a $50B Market Cap by Year-End

Nov 09, 2024 at 06:28 pm

This week, the cryptocurrency market saw a notable surge following a strong Republican victory in the U.S. elections, with Donald Trump securing

Avalanche (AVAX) and Dogecoin (DOGE) Exhibit Strong Potential to Reach a $50B Market Cap by Year-End

As the cryptocurrency market continues to rally following a strong Republican victory in the U.S. elections, with Donald Trump securing a second term, several altcoins have shown promising growth potential. Among them, Finbold has identified two that could reach a $50 billion market cap by the end of the year: Avalanche (AVAX) and Dogecoin (DOGE).

Avalanche has been expanding its role in real-world asset (RWA) tokenization, a sector becoming increasingly integrated into the digital finance landscape. Currently priced at $29.47 with a market cap of around $12 billion, AVAX has gained 7% in a single day and 17% over the past week.

The platform's high transaction throughput—capable of handling up to 6,500 transactions per second—has positioned Avalanche as an attractive choice for tokenized finance. Notably, the project has also made headlines in the mainstream gaming landscape with "Off The Grid," as reported by Finbold.

This scalability has drawn major players, including Franklin Templeton and Grayscale, to issue tokenized assets on Avalanche's network, highlighting its credibility in supporting large-scale financial products.

Furthermore, Avalanche's recent collaboration with Securitize, a leading protocol in tokenized securities, to tokenize a portion of ParaFi Capital's $1.2 billion fund shows its growing influence in this space.

Moreover, there is speculation regarding a potential launch of BlackRock's (NYSE: BLK) BUIDL tokenized fund on Avalanche, which, if realized, could significantly expand the platform's reach in the U.S. market for tokenized assets.

The speculation arises from the same address that owns BUIDL on Ethereum also owning BUI

News source:finbold.com

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