Shiba Inu Surpasses Solana in Terms of Market Cap

A famous crypto blogger Ivan on Tech posted on December 27 informing that Solana went below Tron and SHIB in context of market capitalization.

Solana is now below Tron and even SHIB 😅
Sadly, I think this is EOS 2.0
Devs don’t want to build on a dying infrastructure, Solana projects likely migrate to EVM L2s
— Ivan on Tech 🇺🇦🥑 – Building Moralis Web3 (@IvanOnTech) December 27, 2022

According to data from CoinMarketCap while writing this article market cap of Solana is around $3,698,638,546 at same time Shiba Inu’s market cap is around $4,391,323,71 and market cap of Tron is around $4,945,292,967.

Ivan wrote If I was Solana I would see this as a great challenge

If enough will and work is put in they can for sure come out on top and dominate the next bull market against the odds

But if the coin falls below top 20, then top 30 – it is no longer “tier 1” chain in any regard.

The blogger also believes that “The price of the coin is directly correlated with developer interest.”

The price of the coin is directly correlated with developer interest
Again – no one wants to bet the future of their project on a dying infra which is surpassed by other chains
— Ivan on Tech 🇺🇦🥑 – Building Moralis Web3 (@IvanOnTech) December 27, 2022

As per CoinMarket data in context of market cap TRX is on 13th position,SHIB is on 15th position and SOL is losing its position and is on the 17th position.

Ivan thinks that projects that are developing on Solana are now going to leave for EVM L2s,in comparison SOL to EOS 2.0.

The total locked value of Solana also decreased by more than 15x and earlier the TVL was around $12 billion and is now under $400 million and now it is $209.79m.

The leading Solana NFT project,DeGods and y00ts, announced that it will leave the blockchain in upcoming 2023. And reliable data states that these NFTs will now be available on Ethereum blockchain.

In a twitter post DeGods openly announced about its migration from Solana blockchain to Ethereum and its sister project y00ts will shift itself on Polygon.

Not a long time ago SOL was in the top crypto assets which now has dropped below even the second memecurrency Shiba Inu. The consistent drops are being said to be the result of FTX’s founder and former CEO, Sam Bankman-Fried’s support for Solana (SOL) token. Given SBF’s negative image following the crypto exchange fall, its being implied that Solana might have got the effect.

DappRadar data suggest that Solana based NFT marketplace, Magic Eden holds fourth biggest position in terms of trading volume. This draws the picture that although the price movement of SOL is in negative growth, it still has hold over the NFTs in the market.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing