• Dogecoin (DOGE) overtook Binance USD (BUSD) and claimed its spot in the TOP 10 by global market cap.
• The leading canine coin was able to make the most out of BUSD’s mismanagement, which resulted in a 50% drop in its market cap.
• The SEC forbade Paxos, the stablecoin issuer of BUSD, from minting new coins, resulting in a decrease of BUSD value.
Dogecoin Flips Binance USD Stablecoin
Dogecoin (DOGE) has reclaimed its spot in the TOP 10 by global market cap after surpassing the widely-used stablecoin – Binance USD (BUSD). This unusual achievement came despite DOGE slipping by 2.2%.
Binance USD Loses 50% of Its Market Cap
The leading crypto platform Binance has been under scrutiny this month due to close competitors Circle informing the Securities and Exchange Commission (SEC) about mismanagement concerning their Paxos-issued stablecoin – BUSD. As a result of over $3 billion being moved away from it within 6 days, DOGE made the most out of it and surpassed the market share for the first time ever.
Delisting USDC Causes Losses for Binance
In September, Binance delisted USD Coin (USDC), automatically converting all assets to their own stablecoin – BUSD. Two months later, Circle reported quarterly losses and miscalculations as direct consequences of this move. However, things got worse when USDC and BUSD had similar sized global market capitalizations before the SEC officially forbade Paxos from minting any more coins.
Market Shifting Away From BUSD
As a result of these events, there was a drastic decrease to $11 billion in global market capitalization for the once popular stablecoin. At press time, USDT saw an increase of $2 billion while USDC also declined by 739 million dollars due to their shift away from other CeFi solutions such as Paxos’s offering – demonstrating how much influence these developments have on shifting marketscape dynamics across multiple cryptocurrencies .
Crypto History Made: DOGE Overtakes Popular Stablecoin
The recent issues surrounding BUSD may be seen as an act of vengeance from Circle but ultimately were caused by SEC regulations rather than any malicious intent on behalf of either company involved directly with it or indirectly through delisting actions taken against other coins like USDC. Nevertheless, Dogecoin took full advantage and made history by flipping one of today’s most used stablecoins – demonstrating how quickly cryptocurrency markets can change even with just one key event or announcement .