- Dogecoin flipped Solana on 18 August to reclaim its 8th spot on the list of top cryptos.
- Though a few metrics were bullish on SOL, market indicators suggested otherwise.
Over the last week,the market capitalizations of Dogecoin [DOGE] and Solana [SOL] were closely knit. This allowed both tokens to flip each other on multiple occasions. A few days ago, SOL flipped DOGE to become the eighth largest crypto. However, the good days did not last long, as DOGE quickly reclaimed its spot. The reason behind this episode was revealed upon a look at their metrics and daily charts.
Read Solana’s [SOL] Price Prediction 2023-24
Solana and Dogecoin are neck-to-neck
A look at both the cryptos’ market caps revealed that there were several instances when both flipped each other over the last week. Though the difference in their prices was massive, their market caps remained close to each other, with only a slight difference of a few thousand dollars.
According to CoinMakretCap, at the time of writing, Solana had a market cap of $8.828 billion, while Dogecoin’s market cap was $9 billion, giving it the edge.
A look at the market sentiment around both tokens clearly pointed out that DOGE was the leader. This was evident from the drop in SOL’s we
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Author: Dipayan Mitra
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