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
Source: Lucas Agr/Shutterstock modified by Blockworks
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.
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%.
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.
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