Solana, Shiba Inu Market Cap Shrinks Below This Dogecoin 'Relative' Amid Chaotic Market Conditions

The market cap of popular cryptocurrency Solana SOL/USD and meme coin Shiba Inu SHIB/USD has slipped below that of Dogecoin DOGE/USD relative Litecoin LTC/USD.

What Happened: At the time of writing, LTC was at 13 in terms of market capitalization, while SHIB ranked 14th in the list and SOL was at 16, according to CoinMarketCap’s top 100 list of cryptocurrencies.

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SOL began the year trading at $178.89 and with a market capitalization of $55.09 billion. It was once considered an Ethereum ETH/USD killer. The crypto winter and the collapse of Sam Bankman-Fried's FTX FTT/USD sent shockwaves throughout the crypto market, which consequently drove down the value of SOL to $13.04, down 92.71% from its price in January 2022.

Today, SOL is trading at $13.04 with a market cap of $4.73 billion.

SHIB started the year trading at $0.0000473, with a market capitalization of $18.35 billion. The FTX contagion plunged SHIB to 0.000009024, down 80%.

Price Action: At the time of writing, LTC was trading at $78.78 up 27% in the past 24 hours, according to Benzinga Pro.
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