SHIB Topples SOL by Market Cap, Solana Projects Likely to Switch to Ethereum: Crypto Expert

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Youri Molchan

Popular Crypto Blogger Thinks Projects Will Likely Start Rolling Out of Solana Chain

Contents

SHIB returns SOL by market cap sizeBad news on Solana

Ivan on Tech, a popular crypto blogger, took to Twitter to share that SOL sank below Tron (TRX) and Shiba Inu meme coin (SHIB) in terms of market capitalization. He compared Solana, which has had issues recently, to EOS 2.0.

SHIB returns SOL by market cap size

According to popular crypto benchmark platform CoinMarketCap which is owned by Binance, Solana now ranks 16th on the list of the top 20 cryptos. Shiba Inu is one spot higher, taking 15th place, and Tron’s TRX takes 14th place.

The market capitalizations of SHIB and SOL are equal to $4,555,045,988 and $4,094,003,759, respectively. There is also a big difference between their trading volumes, although here SOL remains ahead of the second largest meme coin $136,686,958 for SOL versus $56,214,086 for SHIB.

Image via CoinMarketCap

Ivan thinks projects that rely on Solana will now leave it to L2 EVMs, comparing SOL to EOS 2.0.

Solana is now below Tron and even SHIB

Unfortunately I think it’s EOS 2.0

Developers don’t want to rely on dying infrastructure, Solana projects are likely migrating to L2 EVMs

Ivan on Tech – Building Moralis Web3 (@IvanOnTech) December 27, 2022 Bad news about Solana

Earlier, Swedish crypto researcher Eric Wall tweeted that the total amount of value locked in Solana had fallen from $12 billion to less than $400 million over the past year. Now the TVL on this channel is $215 million.

Solana is like The Little Engine that Couldnt https://t.co/AWYZbbCkYh

Ben Armstrong (@Bitboy_Crypto) December 27, 2022

Ben Armstrong, crypto blogger also known as BitBoy, commented on this, referring to Solana as “The little engine that couldn’t”. He also shared that two major NFT projects are leaving the platform and launched a poll for his followers, asking them if they thought Solana was dead or not.

Prominent investor Mike Alfred yesterday compared SOL to Santa Claus. He said that while some children still believe in the former, some adults continue to believe in SOL.

Solana received a heavy blow after the collapse of crypto exchange FTX. Since this event, which occurred in early November, the price of SOL has fallen by more than 50%. FTX founder Sam Bankman-Fried was a big supporter of Solana and had invested heavily in it through his multiple ventures.

His trading company, Alameda Research, whose bankruptcy triggered the FTX crash, bought $1.2 billion worth of SOL, and it also held $1.15 billion in the token.

As of this writing, SOL is trading at $11.5, down almost 10% in the last 10 days.

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