Dogecoin Flips Binance USD: BUSD Loses 50% of its Market Cap!

• Dogecoin (DOGE) surpassed Binance USD (BUSD) in global market cap for the first time.
• The shift was triggered by an alleged mismanagement of BUSD by Binance and the SEC forbidding Paxos, the stablecoin issuer, from minting new BUSD stablecoins.
• As a result, BUSD’s market cap dropped by 50%, while Dogecoin reclaimed its spot in the TOP 10.

Dogecoin Surpasses Binance USD

Dogecoin (DOGE) recently surpassed Binance USD (BUSD) in global market capitalization for the first time. This unusual achievement was caused by several factors related to the leading CeFi platform’s stablecoin.

Mismanagement of BUSD

The shift was triggered by an alleged mismanagement of BUSD by Binance and the SEC forbidding Paxos, the stablecoin issuer, from minting new tokens. Close competitors Circle informed the Securities and Exchange Commission (SEC) about potential mismanagements within the platform concerning their Paxos-issued stablecoin. With over $3 billion leaving over 6 days, DOGE made use of this chance and fliped BUSD in terms of market share – for the first time since November 2022.

Drop In Market Cap

As a consequence of this development, BUSD’s market cap has dropped significantly – around 50% since November 27th 2022 when it still had a total value of $22,527 billion. At press time, this number is down to $11,424 billion – with most funds moving away into Tether’s (USDT). Furthermore USDC also declined -739M from 42.3B to 41.5B as part of this shift in landscape due to DOGE’s success story against one of crypto’s biggest players on the field: Binance itself.

Warning From DogeCoin Foundation

Interestingly enough this accomplishment happened just ten days after a member within DogeCoin’s foundation warned all holders about potential dangers concerning their investment into Paxos-issued tokens such as Bitcoin or Ethereum Classic (ETC).

Crypto History In The Making

To conclude: Crypto space is shifting continuously as we speak – never before have memecoin users been able to wield so much power in terms of actual market performance against established big players such as Coinbase or even more so: industry giants like binance itself!