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

Flipping Solana might give Shiba Inu the boost it needs to stay above the multi-year resistance line.

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 as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.