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SHIB Capitalizes on Solana's Failures, Here's What It's About

Thu, 11/17/2022 - 15:54
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Gamza Khanzadaev
SHIB is up in market cap top as Solana's bad luck pushes it down
SHIB Capitalizes on Solana's Failures, Here's What It's About
Cover image via stock.adobe.com

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The Shiba Inu token, SHIB, has once again capitalized on Solana's (SOL) recent failures. The SOL price fell more than 6% as a result of the major crypto exchanges withdrawing support from USDC and USDT on Solana today. The drop, in turn, lowered Solana's market capitalization by $300 million and dropped SOL to 14th place in CoinMarketCap's ranking.

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SHIB Price May Have Found Its Bottom, Here's What's Next

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 market cap by CoinMarketCap

SHIB is now capitalized at $4.97 billion, $38 million more than Solana, but almost a billion less than DAI, the decentralized stablecoin from Maker DAO. Shiba Inu (SHIB) market capitalization was at its peak almost a year ago, when it reached a value of $43.5 billion.

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SOL and ETH Price Analysis for November 17

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 FTX's collapse, 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 of becoming number one in the crypto sphere, overtaking Bitcoin and Ethereum.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.