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HomeCryptoShiba Inu takes advantage of Solana's mistake, here's what it's all about

Shiba Inu takes advantage of Solana’s mistake, here’s what it’s all about

SHIB rises at the top of the market cap as Solana’s misfortune pushes it lower.

The Shiba Inu token, SHIB, has once again taken advantage of the recent failures of Solana (SOL). The price of SOL fell more than 6% following the withdrawal of support from major cryptocurrency exchanges USDC and USDT on Solana today. The drop, in turn, lowered Solana’s market capitalization by $300 million and dropped SOL to 14th place on CoinMarketCap’s rankings.

SHIB, meanwhile, finished 13th on this list. This is not to say that the Shiba Inu token price showed any positivity, quite the opposite. But the bottom line is that with SHIB’s price at a month low, the Shiba Inu is higher than ever at the top of the market value.

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

Solana’s backhand

The latest negativity surrounding Solana (SOL) is 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 her connection to the stock exchange. FTX CEO Sam Bankman-Fried repeatedly encouraged Solana, claiming that the project has every chance to become number one in the crypto-sphere, surpassing Bitcoin and Ethereum.

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