01/04/2022
The price of meme cryptocurrency Shiba Inu (SHIB) has plunged more than 9% over the past 24 hours, according to data provided by CoinMarketCap.
The second-largest canine cryptocurrency is underperforming the broader cryptocurrency market.
As reported by U.Today, the Shiba Inu team recently announced the details about it much-anticipated metaverse project, but it did little to avert a price correction. The plan to sell virtual land also attracted some criticism, with Dogecoin co-founder Billy Markus claiming that it could simply be a cash grab for developers that doesn’t bring any additional value to the project itself.
Dogecoin (DOGE) has also plunged more than 7% over the past 24 hours, erasing almost all of its gains over the past 24 hours.
Bitcoin (BTC), the world’s largest cryptocurrency has plunged more than 5% over, slipping below the $45,000 mark and dragging the rest of the cryptocurrency market down.
Ethereum has performed slightly better, shedding 4% over the last 24 hours. In the meantime, archrival Solana (SOL) is only down a mere 1%, becoming the top performer among the leading altcoins.
Other “Ethereum killers” are trading in line with the rest of the market: Cardano (ADA) and Polkadot (DOT) have dipped more than 7%.
The cryptocurrency market is struggling to recover after the European Parliament voted in favor of prohibiting anonymous crypto transactions.