- SOL suffered much less decline in worth in comparison with DOGE on a day by day timeframe.
- Solana’s market cap hit $9 billion, with DOGE remaining under the edge.
On 17 August, a Messari report highlighted a big shift out there capitalization rankings of Solana and Dogecoin. Reportedly, Solana [SOL] had overtaken Dogecoin [DOGE] in market cap, with Solana standing at roughly $9.4 billion in comparison with Dogecoin’s $9.2 billion on the time of the report.
BREAKING: $SOL flippens $DOGE in market cap pic.twitter.com/2xfQHRqqUn
— Messari (@MessariCrypto) August 17, 2023
How a lot are 1,10,100 DOGEs price at the moment?
However regardless of these figures, CoinMarketCap’s knowledge indicated a lower in these market caps, though the relative positions remained unchanged.
Supply: CoinMarketCap
As of this writing, Solana continued to carry the eighth place with a market cap exceeding $9 billion, whereas Dogecoin occupied the ninth spot with roughly $8.7 billion.
The market was experiencing a downtrend at press time, and the lower in each SOL and DOGE costs was the first issue influencing their respective market capitalizations.
Solana and Dogecoin face main downtrend
Analyzing the day by day worth development of Solana on a chart revealed that it hadn’t escaped the broader decline within the cryptocurrency market. The chart displayed a greater than 14% lower in worth between 15 and 17 August.
As of this writing, a minor uptick was evident, with SOL buying and selling at roughly $22 and registering a modest achieve of over 1%.
Additionally, it had initially maintained a optimistic trajectory above the impartial line on its Relative Energy Index (RSI), however the subsequent collection of declines pushed it under this threshold.
At press time, the prevailing development was bearish, albeit the slight uptick had nudged it barely above the 40 RSI stage.
Supply: TradingView
In distinction, Dogecoin’s decline had a extra prolonged length when examined on a day by day timeframe. The chart indicated a virtually seven-day decline, leading to a price discount of over 20%. This intensive decline brought on it to dip into the oversold zone on its RSI.
Nonetheless, the momentum noticed a modest restoration, with DOGE buying and selling round $0.06 and displaying a marginal achieve of over 1% at press time.
Supply: TradingView
Moreover, SOL was trending above its lengthy Transferring Common, with the brief Transferring Common serving because the resistance stage. Conversely, DOGE was trending under its brief and lengthy Transferring Averages.
Analyzing Solana’s TVL and stablecoin market cap
Amidst the general decline in costs, Solana has managed to retain a stronger optimistic momentum. This favorable development was mirrored in its worth motion and the Complete Worth Locked (TVL). Additionally, the stablecoin market cap has just lately displayed a optimistic trajectory.
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A DefiLlama chart confirmed that Solana’s TVL had skilled exceptional progress over the previous few months, sitting at $306.4 million on the time of publication. Nonetheless, the latest worth downturn appeared to have quickly halted this progress, leading to a minor decline.
Supply: DefiLlama
Alternatively, the stablecoin market cap exhibited a pointy and notable enhance. As of this writing, it had surged to round $1.6 billion.
