SHIB flips Solana in market valuation, here's what's going on Shibainu $SHIB SHIBCommunity ShibArmy SOL $SOL
in this regard. TRX ranks 14th largest, followed by Solana, with both having 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 fell as much as 50% on Wednesday. Even worse was the loss in value of FTT, the native coin of FTX. 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.
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