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XRP, ADA, SHIB, DOGE Plunge as Momentum Fades

Fri, 08/19/2022 - 06:25
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Alex Dovbnya
The cryptocurrency market is underperforming, with Bitcoin slipping below the $23,000 level
XRP, ADA, SHIB, DOGE Plunge as Momentum Fades
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Cryptocurrencies prices slumped lower on Friday, with the Bitcoin (BTC) price slipping to an intraday low of $22,788 on the Bitstamp exchange.

The flagship cryptocurrency is in the red once again just days after surpassing the $25,000 level for the first time in nearly two months.  

Dogecoin (DOGE) is the top laggard within the top ten, losing roughly 9% of its value over the past 24 hours.

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Shiba Inu (SHIB), another popular canine coin, has slipped by more than 10% over the same period of time.

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The underperformance of DOGE and SHIB shows that calls for another meme coin season were premature.

Ethereum (ETH) is holding above the $1,800 level, but the flagship altcoin has lost its momentum ahead of the merge upgrade.

The total cryptocurrency market cap is now on the verge of slipping below the $1 trillion mark once again. 

Earlier this month, the cryptocurrency market experienced a much-needed boost because of cooler-than-expected inflation data

The rally, however, was rather short-lasting. Risk assets reversed course earlier this week after minutes from the U.S. Federal Reserve meeting in July showed that central bankers were determined to keep hiking rates.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at