Solana

Dogecoin

Million

Billion

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 <p>Large and mid-cap altcoins have significantly lost value over the past few hours. At press time, <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> was down 5% on the daily, while <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> had depreciated by 8%. Amid the price dip, <a rel="noopener noreferrer nofollow" title="SOL" href="https://thebittimes.com/tag/sol.html">SOL</a> managed to flip DOGE on the <a rel="noopener noreferrer nofollow" title="market cap" href="https://thebittimes.com/tag/market-cap.html">market cap</a> front. The gap started widening right after, with <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s lead accelerating to $220 million.</p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp" alt="" class="wp-image-107500" style="width: 100%;height:266px" width="618" height="266" srcset="https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 994w, https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/47a2729122406c52cad230d1bd6505a2.webp 800w" sizes="(max-width: 618px) 100vw, 618px"> 
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     Source: Sanbase 
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 <p><strong>Also Read:&nbsp;$1 Billion Wiped Out Of Crypto Market Amid Bitcoin, Ethereum Crash</strong></p> 
 <p><a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> recently became the most liquid altcoin on Coinbase. It recently crossed the $3 million threshold, as DOGE was trying to establish a foothold at around $2.5 million. Other altcoins like MATIC and XRP were seen struggling around the $1 million mark. Increased <a rel="noopener noreferrer nofollow" title="liquidity" href="https://thebittimes.com/tag/liquidity.html">liquidity</a> usually connotes increased market participation. It also means that an asset can be bought and <a rel="noopener noreferrer nofollow" title="SOL" href="https://thebittimes.com/tag/sol.html">SOL</a>d without causing significant price movements. Thus, when compared to <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> and other assets like XRP and MATIC, <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> suffered relatively fewer losses.</p> 
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  <img decoding="async" width="1024" height="559" src="https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp" alt="" class="wp-image-107504" srcset="https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 1024w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 300w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 768w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 380w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 550w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 800w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 1160w, https://cdn.thebittimes.com/images/2023/08/18/13e29ffeb9abd8fe15ada483d400f48a.webp 1320w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Kaiko 
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 <p><strong>Also Read: Ethereum: Whale Dumped $41 Million ETH Before Crypto Market Crash</strong></p> 
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 <h3 class="wp-block-heading" id="h-will-solana-be-able-to-continue-dominating">Will Solana Be Able To Continue Dominating?</h3> 
 <p>There are several fundamental weaknesses surfacing for Solana at the moment. So far in August, the new addresses added to the network [1.45 million] are not even half of what was added in July [3.27 million].</p> 
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   <img decoding="async" loading="lazy" width="335" height="268" src="https://cdn.thebittimes.com/images/2023/08/18/5663e99eb2e3aef1dbaaf547c4637f8e.webp" alt="" class="wp-image-107505" srcset="https://cdn.thebittimes.com/images/2023/08/18/5663e99eb2e3aef1dbaaf547c4637f8e.webp 335w, https://cdn.thebittimes.com/images/2023/08/18/5663e99eb2e3aef1dbaaf547c4637f8e.webp 300w" sizes="(max-width: 335px) 100vw, 335px"> 
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     Source: The Block On-Chain Dashboard 
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 <p>Parallelly, users have started suctioning out funds from the protocol’s DeFi ecosystem. On August 15, Solana’s TVL stood at $327.1 million. However, data from DeFiLlama pointed out that the number had now shrunk to $308.9 million. Thus, in just two days, users have removed $18.2 million worth of funds from Solana. Thus, with new users being reluctant to join the network and DeFi participants pulling out funds, Solana could find it tricky to continue asserting its dominance.</p> 
 <p><strong>Also Read:&nbsp;Coinbase: Base Scammers Earn $2 Million Profit From 500 Scam Tokens</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>COINBASE</li> 
  <li>defi</li> 
  <li>doge</li> 
  <li>Dogecoin</li> 
  <li>liquidity</li> 
  <li>market cap</li> 
  <li>SOL</li> 
  <li>Solana</li> 
  <li>tvl</li> 
 </ul> 
</div>

Solana 'Flips' Dogecoin at the $9 Billion Market Cap

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TheBitTimes

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