Shiba Inu has seen a rise of 3% during the last 24 hours, but the meme coin is still behind Solana in terms of market cap.
Shiba Inu Has Enjoyed Uptrend In The Past Day, While Solana Declines
2022 was an abysmal year for both Shiba Inu and Solana, as the cryptos both saw drawdowns of more than 70% in the year, with SOL being especially deeper into loss. 2023 has, however, been kinder to these coins as they are both in the green so far.
First, let’s look at what SHIB has done. At the time of writing, the meme coin is trading around $$0.000008519, up 3% in the last 24 hours. The below chart shows the trend in the crypto’s price over the last 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 graph, Shiba Inu has performed well in the first five days of the new year, observing profits of about 6%. In terms of returns over the last 30 days, however, the asset is still 9% into the red as the recent uptrend hasn’t been enough to erase the poor December performance yet.
While SHIB has had it good lately, Solana has still far outdone it. Here is a chart that shows 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 these first five days of the year, Solana has seen amazing returns of around 32%, despite the fact that the coin has actually observed some decline in the past day. For the period of the last week, SOL’s profits are even higher at about 40%.
But even this sharp rally hasn’t been able to bring Solana into the green for the month, as it’s still 5% underwater for the period. Nonetheless, this performance is still better than Shiba Inu’s.
SHIB Vs SOL In Market Cap
Solana’s recent surge has meant that the coin’s standing in the top crypto by market cap list has improved. Earlier, Shiba Inu was sitting in the 15th spot in this ranking, but now SOL has overthrown the meme coin from the position. Here is where the two coins fit into the wider picture right now:
Tron (TRX) seems to be above both the cryptos at the moment | Source: CoinMarketCap
While SOL may be higher than SHIB currently, the gap between the two has become pretty small today due to the opposite returns they have seen. This means that if Shiba Inu can keep up the current rise, it should retake its 15th spot from Solana.
Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com