Solana Overtakes Dogecoin in Market Cap Amid Crypto Fear
Portfolio Pulse from Mehab Qureshi
Solana (SOL) has surpassed Dogecoin (DOGE) in terms of market capitalization amid growing fear in the crypto market. Both cryptocurrencies have experienced a decline in value, with SOL down by 7.47% and DOGE by 10%. This development comes as Bitcoin (BTC) plunged below the $26,000 mark for the first time in two months, largely due to China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings by $373 million.
August 18, 2023 | 5:03 am
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NEUTRAL IMPACT
Solana has surpassed Dogecoin in terms of market capitalization, despite its value declining by 7.47%.
While Solana has surpassed Dogecoin in terms of market capitalization, its value has declined by 7.47%. This mixed news is likely to have a neutral impact on the short-term price of Solana.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Bitcoin's price has plunged below the $26,000 mark for the first time in two months, largely due to China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings.
The news of China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings has caused a significant drop in Bitcoin's price. This is likely to have a negative impact on the short-term price of Bitcoin.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's market capitalization has been surpassed by Solana, and its value has declined by 10%.
The news of Solana surpassing Dogecoin in terms of market capitalization and the 10% decline in Dogecoin's value is likely to have a negative impact on the short-term price of Dogecoin.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100