Dogecoin, Shiba Inu Drop Over 10% As Crypto Market Crash Deepens

The meme cryptos are seeing a decline of a massive 10.79% in the last 24 hours, taking the market cap down to 15.16 billion USD. The trading volume has jumped by 39.86%, indicating that the investors are withdrawing interests from the market. The three major meme cryptos are seeing a huge drop. 

There have been multiple events happening in the crypto market as the U.S. SEC continues its crackdown. Against the backdrop of a significant liquidity crisis, Silvergate Bank opted to cease its operations and transition into a state of liquidation. As Coingape reported, the New York Attorney General’s office initiated legal action against KuCoin which is a crypto exchange, on Thursday. The Chair of the US Federal Reserve, Jerome Powell, cautioned on Wednesday that the central bank may increase interest rates beyond the projected range as inflation continues to rise. All the factors combined led to the crash of the crypto market. 

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Price of Shiba Inu (SHIB) dips

Shib army has been burning a large number of SHIB tokens which led to the increase in price yesterday, however, Shiba Inu price has dipped in the last 24 hours. The token has gone down over 10%. Each SHIB token is currently trading at 0.00009829 USD. Thus, the market cap has come down to 5.40 billion USD and trading volume escalates by 12.31%. Source: coinmarketcap

Dogecoin (DOGE) price dips

The largest meme crypto, Dogecoin falls by 11.18% over the past 24 hours. Each DOGE token is currently trading at 0.06373 USD. The market cap is at 8.45 billion USD and trading volume increases by 94.92%. Source: coinmarketcap

Also read: Biggest Crisis Ever For Crypto Market? Crash To Continue?

Bone ShibaSwap (BONE) price dips

Bone ShibaSwap falls by 11.46% over the past 24 hours despite its listing on a new exchange. Each BONE token is currently trading at 1.49 USD. The market cap has come down to 343 million USD and trading volume has increased by 45.94%.