Shiba Inu is now ahead of Tron’s TRX and Solana’s SOL
According to data from CoinMarketCap, Shiba Inu (SHIB) is the 13th largest cryptocurrency by market capitalization. With a market valuation of $5.41 billion, the Shiba Inu is now ahead of Tron’s TRX and Solana’s SOL. TRX is ranked 14th, followed by Solana, both with 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 is down as much as 50% on Wednesday. Worse yet, the FTT, the original coin of the FTX, had declined in value. 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 in the Soland lending protocol, which has seen a surge in liquidations, resulting in the creation of approximately $3.5 million in bad debt on the platform. A large stake backed by 2.63 million SoL tokens was partially liquidated on Wednesday, according to data from Soland.
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% over the past 24 hours.
