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As Bitcoin drops to $44,000, Shiba Inu, Dogecoin, and Cardano all suffer losses

According to CoinMarketCap data, the price of meme cryptocurrency Shiba Inu (SHIB) has dropped more than 9% in the last 24 hours.

The second-largest canine cryptocurrency is performing poorly in comparison to the overall cryptocurrency market.

The Shiba Inu team recently revealed details about their much-anticipated metaverse project, but it was insufficient to prevent a price drop. The concept to sell virtual land has also been criticized, with Dogecoin co-founder Billy Markus suggesting that it could simply be a money grab for devs that adds no value to the project.

Dogecoin (DOGE) has also dropped more than 7% in the last 24 hours, wiping out almost all of its gains.

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Bitcoin (BTC), the world’s most valuable cryptocurrency, has lost more than 5% of its value. Thereby, falling below $45,000 and bringing the rest of the cryptocurrency market down with it.

Over the last 24 hours, Ethereum has done marginally better, losing 4%. In the meantime, archrival Solana (SOL) is down only 1%, making it the best performer among the top altcoins.

Other “Ethereum killers” are following the market’s lead: Cardano (ADA) and Polkadot (DOT) have both dropped more than 7%.

After the European Parliament voted to outlaw anonymous crypto transactions, the cryptocurrency market is trying to rebound.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.