Shiba Inu has gained 3% in the last 24 hours, but the meme coin is still behind Solana in terms of market capitalization.
Shiba Inu Has Enjoyed Uptrend In The Past, While Solana Rejected
2022 was a bad year for Shiba Inu and Solana, as both cryptos experienced a drawdown of more than 70% that year, with SOL going deeper. 2023, however, has been better for this coin because both sides are in the green so far.
First, let’s see what SHIB does. At the time of writing, meme coin is trading around $$0.000008519, up 3% in the last 24 hours. The chart below shows the crypto price trend over the past five days.
The value of the coin seems to have spiked in the last day or so | Source: SHIBUSD on TradingView
As you can see in the chart, Shiba Inu has performed well in the first five days of the new year, with a profit of about 6%. In terms of returns over the past 30 days, the asset is still 9% in the red as the recent uptrend has not been enough to erase December’s poor performance.
While SHIB has been doing well lately, Solana still has a long way to go. Here is a chart showing how SOL has performed in 2023 so far:
Looks like the price of the crypto has observed a large surge in recent days | Source: SOLUSD on TradingView
In the first five days of this year, Solana has returned around 32%, although the coin has actually experienced a decline in the past few days. For the period last week, SOL’s profit was even higher at about 40%.
But even this clear rally has not been able to bring Solana to the green for a month, because it is still 5% underwater for the period. However, this performance is still better than Shiba Inu.
SHIB Vs SOL In Market Capitalization
Solana’s recent surge means that the coin’s position at the top of crypto according to the market capitalization list has improved. Previously, the Shiba Inu was sitting at the 15th position in this ranking, but now SOL has toppled the meme coin from that position. Here are the two coins that fit the larger picture now:
Tron (TRX) seems to be above both the cryptos at the moment | Source: CoinMarketCap
While SOL may be higher than SHIB today, the gap between the two has become very small now due to the apparent opposite return. This means that if the Shiba Inu can continue to climb now, it will have to reclaim the 15th place from Solana.
Featured images from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com