Solana Flips Shiba to Regain Footing Post-FTX — Is MATIC Next?

Solana is close to reclaiming its position in the top 10 cryptocurrencies by market value, but has Polygon’s native token in its way

article-image

Source: Lucas Agr/Shutterstock modified by Blockworks

share

Solana (SOL) is eyeing a return to the top 10 cryptocurrencies by market value — now trading only 25% below its price point recorded just before FTX imploded.

SOL sank more than 70% in the months following the Sam Bankman-Fried scandal, as markets rejected crypto associated with the disgraced alleged fraudster.

The trend had inspired markets to value memecoin shiba inu (SHIB) more than SOL for most of the past few months. 

Solana’s ecosystem meanwhile hoped to distance itself from Bankman-Fried, historically one of the network’s loudest proponents and primary backers.

Click play to watch SOL and SHIB duke it out

But SOL had spent most of January well ahead of SHIB — now valued at more than $9 billion compared to SHIB’s $6.4 billion. 

SOL is currently whiskers shy of the top 10 by market cap, around $600 million short of polygon (MATIC) and $1.6 billion ahead of polkadot (DOT). The token sat ahead of both before its association with Bankman-Fried dragged it downward.

Solana has easily outperformed most top assets year to date, jumping from under $10 to nearly $24 — returning around 140%. 

Still, it’s lagging behind bellwethers bitcoin (BTC) and ether (ETH) since the end of October (FTX would file for bankruptcy two weeks later). BTC is up 11% while ETH is flat.

MATIC appears to have benefitted from the SBF scandal

MATIC, the native token of Polygon — considered a direct rival to Solana — is up nearly 19% over the same period.

SOL overtaking MATIC to regain its original position would effectively mark the end of Bankman-Fried’s influence over the network.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says

article-image

2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year

article-image

“Iran Unchained” launched a new version of its grant platform to make donations to activists easier

article-image

The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange

article-image

Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important

article-image

Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says