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.
The top performers
Waves (WAVES) is the only cryptocurrency in the top 30 that is currently in the green, adding 8% during the past 24 hours. It has soared more than 75% in just one week.
Zilliaqa (ZIL), which made headlines over the past week with its eye-popping rally, also continues to trade in the green.