Shiba Inu (SHIB) Overthrows Solana (SOL), Then Adds Another Zero

Shiba Inu (SHIB) Overthrows Solana (SOL), Then Adds Another Zero

The popular dog-themed memecurrency Shiba Inu (SHIB) managed to flip the troubled Solana (SOL) in the crypto charts by total market capitalization. Despite dropping below the $6bn mark in its market cap, SHIB went up by two spots to occupy #13, surpassing Dai (DAI), Lido Staked Ether (stETH) and SOL along the way.

SHIB Attempts To Recover Support Line

It’s no secret that SHIB got seriously roughed up by the wild bears of the ongoing crypto winter. As the bears continue to trample on most of the TOP 100 altcoins, only the strongest survive. According to the charts, SHIB’s lowest point was on 10th November 2022 at 00:40 AM, when the Japanese guard dog-themed crypto went down to $0.00000850.

Since that moment, SHIB’s rebound efforts have erased the 24-hour deficit. However, the SHIB Army’s beloved meme coin couldn’t reclaim its crucial support line at $0.00001. Adding another zero to its market price may not be a good sign, though many members of its army remain optimistic.

Price Breakdown: SHIB vs SOL

Both altcoins had to face the music of the windy crypto winter with significantly shrunk marked caps. At press time, SHIB is priced at $0.00000984, according to CoinGecko. Marking a 16.5% weekly deficit, the memecurrency is just 1% below where it was 24 hours ago.

On the other hand, SOL is getting beat down in the middle of FTX’s fiasco, as the altcoin is currently changing hands at $15.16. Having decreased by 20.2% in the last 24 hours, the remorseless bears are handling the #14 ranked cryptocurrency roughly, with a 50.8% loss in the last seven days.

On the Flipside

  • Despite the plummeting market price, SHIB is still the top choice for the largest Ethereum (ETH) whales.
  • The SHIB Army’s hopes are in the upcoming Shibarium upgrade, which is supposed to transform the memecoin into a self-sufficient ecosystem.

Why You Should Care

The Shiba Inu memecoin project started out as ‘The Dogecoin Killer.’ Hence, it took a similar path to SOL, as the latter altcoin was dubbed ‘The Ethereum Killer.’

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.