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

• Dogecoin overtook Binance USD as the 10th largest cryptocurrency by global market cap.
• BUSD market cap has dropped significantly due to mismanagement by Binance and restrictions imposed by the SEC.
• This milestone marks a significant shift in the crypto landscape.

Dogecoin Overtakes Binance USD

Dogecoin (DOGE) has reclaimed its spot in the TOP 10 by global market cap, surpassing Binance USD (BUSD). Despite slipping by 2.2%, DOGE made the most of an opportunity caused by recent events surrounding the world’s leading crypto platform, Binance, and their stablecoin.

Mismanagement & SEC Restrictions

Close competitors Circle informed the Securities and Exchange Commission (SEC) about mismanagement of the Paxos-issued stablecoin BUSD. Additionally, USDC was delisted from Binance in September and converted to BUSD which resulted in quarterly losses for Circle due to miscalculations in balance. The SEC then officially forbade Paxos from producing any more BUSD, halving its market share over night.

Market Cap Shifts

As of now, the global market capitalization of Binace USD is $11,424 billion compared to $22,527 on November 27th 2022 before restrictions were imposed on minting new coins. Meanwhile, Tether’s (USDT) market cap rose $2.37 billion from 67.8 billion to 70.1 billion and USDC declined -739 million from 42.3 billion to 41.5 billion since then as well.

Crypto History in the Making

This achievement marks a significant shift in the crypto landscape as it is a Crypto History in the Making: DOGE Overthrows Binance USD for first time ever due to various factors such as mismanagement of funds and security restrictions imposed on Paxos-issued stablecoins like Binace USD specifically that led to decrease in its value among other changes occuring within this period of time across different platforms involving different cryptocurrencies including Dogecoin itself that ultimately allowed it to gain advantage over others within same category thus taking lead for first ever time!

Advice From Dogecoin Foundation Member

Ten days prior to this event a member from Dogecoin Foundation warned all holders about potential risks associated with holding/using unstable coin such as Binace USD and advised them move onto DeFi solution instead for better results which might have played some role behind success achieved today!