The dog-themed meme cryptocurrency Shiba Inu has flipped Solana — a proof-of-stake blockchain favored by institutional gamers — as merchants balk at protocols related to Sam Bankman-Fried, FTX’s embattled chief govt.
Solana (SOL) was the tenth largest cryptocurrency by market capitalization on the finish of October. It was then valued at $11.8 billion, buying and selling round $33 per token.
SOL now fetches simply $14.21, with a market cap of lower than $5.1 billion. The drop is nice for a pearl-clutching 56% drop since Halloween, shedding 40% over the previous 24 hours alone.
Solana is now ranked sixteenth total, a hair forward of Justin Solar’s TRON blockchain.
Dogecoin rip-off Shiba Inu (SHIB), however, now has a market cap above $5.1 billion, regardless of itself having misplaced 32% of its worth previously week.
Paradoxically, the token exists on BNB Chain, the branded blockchain deployed by prime crypto alternate Binance, which simply pulled out from its FTX buyout floated solely yesterday.
Bankman-Fried has lengthy been one in all Solana’s most vocal supporters and has instantly supported a lot of the ecosystem’s progress over time.
Nonetheless, the scenario is grim throughout the board. Bitcoin is down 15% on the day, buying and selling beneath $16,000. Ether has tumbled greater than 18% and is struggling to stay above $1,100. Bitcoin is now at its lowest level since December 2020, again when President Donald Trump was nonetheless (barely) a factor.
Cryptocurrency’s collective market cap has tanked 25% since Sunday, the day Binance CEO Changpeng “CZ” Zhao first warned he’d quickly be dumping greater than half a billion {dollars} in native FTX token FTT.
FTT was the twenty fourth most precious token on the time, valued at $3.2 billion. Its worth has since imploded from $24 to $2.28, inflicting it to flounder at rank 100 with a market cap of simply $309 million — a 90% collapse.
Woof.
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