Cryptocurrency Avalanche has skyrocketed in the past days, briefly making it into the top ten by market capitalization, overtaking Dogecoin and Shiba Inu, following a deal related to improving disaster relief funding in the United States.
Known as AVAX, Avalanche reached a record high of $144.96 on Sunday before paring some gains, according to CoinGecko pricing, and now ranks 11th by market capitalization at around $29 billion between both Dogecoin and Shiba Inu.
And the market value soared after creator Ava Labs announced last week a partnership with Deloitte to build more efficient platforms for disaster relief.
Close As You Go is leveraging the Avalanche blockchain network to improve the security, speed and accuracy of FEMA funding, according to a post from Ava Labs, and will help local government officials streamline disaster compensation applications.
Avalanche’s price has doubled in the last 30 days, and has increased more than 3000% over the year. However, cryptocurrencies are notoriously volatile, and even those that reach the highest level of market capitalization can experience a rapid decline. For example, Cardano’s ADA token is down more than 40% from its all-time high in early September, and Polkadot’s DOT is down 25% from a multi-week high.