Ivan on Tech, a well-liked crypto blogger, has taken to Twitter to share that SOL has sunk under Tron (TRX) and Shiba Inu meme coin (SHIB) when it comes to market capitalization. He likened Solana, which has been in hassle lately, to EOS 2.0.

SHIB flips SOL by market cap dimension

In line with standard crypto reference platform CoinMarketCap which belongs to Binance, Solana is now holding sixteenth place on the highest 20 record of cryptos. Shiba Inu is one spot greater, holding fifteenth place, and Tron’s TRX sits in 14th place.

The market caps of SHIB and SOL are equal to $4,555,045,988 and $4,094,003,759, respectively. There’s a massive distinction between their buying and selling volumes as nicely, although right here SOL stays forward of the second largest meme coin — $136,686,958 for SOL versus $56,214,086 for SHIB.

Ivan believes that tasks which might be constructing on Solana are actually going to go away it for EVM L2s, evaluating SOL to EOS 2.0.

Solana is now under Tron and even SHIB 😅

Sadly, I feel that is EOS 2.0

Devs don’t need to construct on a dying infrastructure, Solana tasks possible migrate to EVM L2s

— Ivan on Tech 🇺🇦🥑 – Constructing Moralis Web3 (@IvanOnTech) December 27, 2022

Unhealthy information about Solana

Earlier, Eric Wall, Swedish crypto researcher, tweeted that the full quantity of worth locked in Solana had shrunk from $12 billion to beneath $400 million inside the previous yr. Now, the TVL on this chain stands at $215 million.

Solana is like “The Little Engine that Couldn’t” https://t.co/AWYZbbCkYh

— Ben Armstrong (@Bitboy_Crypto) December 27, 2022

Ben Armstrong, crypto blogger often known as BitBoy, commented on that, referring to Solana as “The Little Engine that Could not.” He additionally shared that two main NFT tasks are leaving the platform and launched a ballot for his followers, asking whether or not they assume Solana is useless or not.

Outstanding investor Mike Alfred yesterday likened SOL to Santa Claus. He said that whereas some youngsters nonetheless imagine within the former, some adults preserve believing in SOL.

Solana obtained a significant blow after the collapse of the FTX crypto alternate. Since that occasion, which occurred in early November, the SOL value dropped by over 50%. Founding father of FTX Sam Bankman-Fried was a giant supporter of Solana and had invested in it closely through his a number of ventures.

His buying and selling firm, Alameda Analysis, whose chapter triggered the crash of FTX, purchased a whopping $1.2 billion value of SOL, and it additionally held $1.15 billion on this token.

On the time of this writing, SOL is buying and selling at $11.5, dropping by practically 10% prior to now 10 days.