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

10 Nov, 20222 min readOther
Shiba Inu Flips Solana in Market Cap, Here’s What Is Happening

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.

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.

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.

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

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