Shiba Inu, Dogecoin, Cardano Slump as Bitcoin Drops to $44K

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.

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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.