Shiba Inu capitalizes on Solana’s failures, here is what it is about

SHIB is up in the top market cap while Solana’s misfortune is pushing it down.

The Shiba Inu token, SHIB, has once again capitalized on the recent failures of Solana (SOL). SOL’s price fell more than 6% following the withdrawal of support from major crypto-currency exchanges USDC and USDT on Solana today. The drop, in turn, lowered Solana’s market capitalization by $300 million and dropped SOL to 14th place in CoinMarketCap’s rankings.

SHIB, meanwhile, fell to 13th on that list. This is not to say that the price of the Shiba Inu token has shown any positivity, rather the opposite. However, the bottom line is that with SHIB’s price at a multi-month low, Shiba Inu is higher than ever on the market cap.

SHIB is now capitalized at $4.97 billion, $38 million more than Solana, but nearly $1 billion less than DAI, the decentralized stablecoin from Maker DAO. Shiba Inu’s (SHIB) market capitalization was at its peak almost a year ago, when it reached a value of $43.5 billion.

Solana’s setback

The latest negativity around Solana (SOL) was caused by the suspension, and in the case of the OKX exchange, the rejection of USDC and USDT deposits on this blockchain.

Solana is one of the biggest victims of the FTX collapse, particularly because of its affiliation with the exchange. FTX head Sam Bankman-Fried repeatedly encouraged Solana and claimed that the project had every chance of becoming the number one crypto-sphere, surpassing Bitcoin and Ethereum.