SHIB is up in market cap top as Solana’s bad luck pushes it down
The Shiba Inu token, SHIB, has once again taken advantage of the recent failures of Solana (SOL). The price of SOL fell by over 6% as a result of major crypto exchanges withdrawing support from USDC and USDT on Solana. In turn, the drop reduced Solana’s market capitalization by $300 million and dropped SOL to 14th place in Coinmarketcap’s ranking.
SHIB, on the other hand, found itself in 13th place on this list. This is not to say that the price of the Shiba Inu token showed any positivity, rather the opposite is true. However, the bottom line is that with SHIB’s price at a multi-month low, Shiba Inu is higher than ever in the market cap top.
SHIB is now capitalized at $4.97 billion, $38 million more than Solana, but about a billion less than DAI, the decentralized stablecoin of Maker DAO. The market capitalization of the Shiba Inu (SHIB) peaked about a year ago, when it reached a value of $43.5 billion.
Solana’s setback
The latest negativity around Solana (SOL) was caused by the suspension, and in the case of the OKX exchange, the rejection of USDC and USDT deposits on this blockchain.
Solana is one of the biggest victims of the collapse of FTX, not least because of its affiliation with the infamous exchange. The head of FTX, Sam Bankman-Fried, has repeatedly cheered for Solana and claimed that the project has every chance to become number one in the crypto sphere, overtaking Bitcoin and Ethereum.
