SHIB is rising at the top of the market cap as Solana’s bad luck pushes it lower.
The Shiba Inu token, SHIB, has once again capitalized on 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 fall, in turn, lowered Solana’s market cap by $300 million and dropped SOL to 14th place in CoinMarketCap’s rankings.
SHIB, meanwhile, ended up in 13th position on this list. This is not to say that the Shiba Inu token price showed any positivity, rather the opposite. However, the bottom line is that with SHIB’s price at a multi-month low, Shiba Inu is higher than ever at the top of the market cap.
SHIB is now capitalized at $4.97 billion, which is $38 million more than Solana, but nearly a billion less than DAI, Maker DAO’s decentralized stablecoin. The market capitalization of Shiba Inu (SHIB) was at its peak almost a year ago, when it reached a value of $43.5 billion.
The latest negativity around Solana (SOL) has been 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, especially because of her affiliation with the exchange. FTX head Sam Bankman-Fried repeatedly encouraged Solana and claimed that the project has every chance of becoming the number one in the crypto-sphere, surpassing Bitcoin and Ethereum.