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.
Image by coinmarketcap.com
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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