Shiba Inu Flips Solana as Markets Play Bankman-Fried for a Joke

Solana is now worth less than dogecoin copycat shiba inu, as crypto traders dramatically dump Bankman-Fried’s favorite token

article-image

Source: Shutterstock

share

The dog-themed meme cryptocurrency Shiba Inu has flipped Solana — a proof-of-stake blockchain favored by institutional players — as traders balk at protocols associated with Sam Bankman-Fried, FTX’s embattled chief executive. 

Solana (SOL) was the 10th largest cryptocurrency by market capitalization at the end of October. It was then valued at $11.8 billion, trading around $33 per token. 

SOL now fetches just $14.21, with a market cap of less than $5.1 billion. The drop is good for a pearl-clutching 56% drop since Halloween, shedding 40% over the past 24 hours alone. 

Solana is now ranked 16th overall, a hair ahead of Justin Sun’s TRON blockchain. 

Dogecoin rip-off Shiba Inu (SHIB), on the other hand, now has a market cap above $5.1 billion, despite itself having lost 32% of its value in the past week.

Ironically, the token exists on BNB Chain, the branded blockchain deployed by top crypto exchange Binance, which just pulled out from its FTX buyout floated only yesterday.

Shiba Inu is now worth more than Solana
Solana, now worth less than shiba inu, is still higher than TRON… barely

Bankman-Fried has long been one of Solana’s most vocal supporters and has directly supported much of the ecosystem’s growth over the years.

Still, the situation is grim across the board. Bitcoin is down 15% on the day, trading below $16,000. Ether has tumbled more than 18% and is struggling to remain above $1,100. Bitcoin is now at its lowest point since December 2020, back when President Donald Trump was still (barely) a thing.

Cryptocurrency’s collective market cap has tanked 25% since Sunday, the day Binance CEO Changpeng “CZ” Zhao first warned he’d soon be dumping more than half a billion dollars in native FTX token FTT.

FTT was the 24th most valuable token at the time, valued at $3.2 billion. Its price has since imploded from $24 to $2.28, causing it to flounder at rank 100 with a market cap of just $309 million — a 90% collapse. 

Woof.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens