APE, AVAX, SOL, SHIB All Lose 20% in Crypto Crash
The crypto market has plunged to 11% in just 24 hours. It has been in the hole or behind it and most of the coins (led by LUNA) have suffered big losses such as Avalanche, ApeCoin, Solana and Shiba Inu, just to name a few.
So, what’s happening here?
It’s like a ripple or domino effect that has hit one and is now derailing the rest of the cryptocurrencies.
Not just LUNA
LUNA has lost 97% of its value after the big dip of UST stablecoin. Other coins’ losses aren’t as massive as Terra’s, but they’ve also suffered devastating double-digit losses over a 24-hour period.
Recommended literature | Shiba Inu vs. Dogecoin and LUNA: Which One Will Survive the Crypto Massacre?
Altcoins in the red
Most altcoins are in the red right now. It is a big blow to the crypto world and people are trying to analyze their cards. The avalanche has fallen to 34% or less than $32 and even plunged below $28, which is much worse than the August 2021 slump.
In fact, Solana is now down 26%, falling further at the time of writing to around $52. Luna is Terra’s cryptocurrency. After the USDT or dollar stablecoin collapse, Luna also suffered a massive 97% collapse or below $1.
BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com
Cardano’s ADA is also down 16% or $0.56, showing massive declines similar to what happened in February 2021. In addition, Polkadot (DOT) has also crashed to about 24%, or about $9, in the last 24 hours.
Other tokens and meme coins are also extra volatile, falling today, such as Dogecoin which is down 23% or $0.087 and Shiba Inu which has lost more than 27% in the last 24 hours.
Meanwhile, ApeCoin is also rapidly declining and has scraped 37% of its market value in the past day with the current prevailing price of $5.90. The price is now down to 85% compared to the winning streak of $39.40 after its launch in March this year.
Problems in Metaverse?
Even the metaverse has problems. Decentraland and The Sandbox are down to 28% or $0.85 and 28% or $1.32, respectively. These metaverse gaming tokens sold like hot cakes, especially after the switch from Facebook to Meta, but are now losing value.
The crypto market has shrunk 11% in a short span of 24 hours, led by the king of cryptocurrencies, Bitcoin, which suffered a 6% dip or a price below $29,900. Meanwhile, Ethereum has also fallen to 8% or $2,180.
Recommended literature | Bitcoin Price Crashes Below $30K as Markets Show Signs of Paranoia
Featured image of Physics World, graph of TradingView.com