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Shiba Inu Flips Solana in Market Cap, Here's What's Happening

Thu, 11/10/2022 - 09:56
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Tomiwabold Olajide
Shiba Inu is now ahead of Tron's TRX and Solana's SOL
Shiba Inu Flips Solana in Market Cap, Here's What's Happening
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According to CoinMarketCap data, Shiba Inu (SHIB) ranks as the 13th largest cryptocurrency by market capitalization. At a market valuation of $5.41 billion, Shiba Inu is now ahead of Tron's TRX and Solana's SOL in this regard. TRX ranks 14th largest, followed by Solana, with both having market valuations of $5.23 billion and $5.15 billion, respectively.

Shiba Inu Overtakes MATIC in Market Cap as Number of SHIB Holders Keeps Growing

SOL, seen by some traders as almost a proxy for FTX, suddenly became a lucrative target for short sellers. According to data from CoinMarketCap, its market cap has decreased from a high of about $80 billion last November to a little over $5.4 billion.

SOL, the native token of the Solana blockchain, has lost more than half of its value in just one week and fell as much as 50% on Wednesday. Even worse was the loss in value of FTT, the native coin of FTX. At $14.29, Solana is currently down 19% over the past 24 hours.

The "Ethereum killer" saw a sharp decline that rippled throughout its ecosystem as a result of its ties to Sam Bankman-Fried, the creator of the cryptocurrency hedge fund Alameda Research and cryptocurrency exchange FTX.

SHIB Price Forms Familiar Chart Pattern as Price Battles Key Level

This caused a spillover into the Solend lending protocol, which has seen a jump in liquidations, resulting in a buildup of bad debts on the platform totaling about $3.5 million. According to Solend statistics, a sizable stake backed by 2.63 million SOL tokens was partially liquidated on Wednesday.

SHIB burn rate jumps whopping 478%

According to the Shibburn website, the burn rate of Shiba Inu is up a whopping 478%. Meanwhile, 5,712,508 SHIB were burned in the last 24 hours. Currently, SHIB is attempting to recoup losses after dipping as low as $0.0000076 on Nov. 10.

Shiba Inu Burn Rate Jumps 412% as SHIB Price Regains Key Level

At the time of publication, SHIB was changing hands at $0.0000098, up 1.59% in the last 24 hours.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.