Shiba Inu Sees Double Digit Losses As Bitcoin Drops Below $38,000


Alex Dovbnya

The cryptocurrency crash has deepened, with meme cryptocurrency Shiba Inu underperforming compared to the rest of the top coins

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XRP continues to shineFearing impending Fed hikes

The price of meme cryptocurrency Shiba Inu (SHIB) is down about 12% from Saturday’s peak of $0.00002827 on the Binance exchange.

Earlier today, SHIB soared all the way to $0.00002494, with bears sitting comfortably in the driver’s seat. This is the lowest price level that the Ethereum-based token has reached since February 6.

Image by tradingview.com

Shiba Inu has once again come under intense selling pressure, despite the launch of its “Doggy DAO” decentralized autonomous organization earlier this week.

XRP continues to shine

The meme coin isn’t alone. The ongoing sell-off of the cryptocurrency market shows no signs of abating. Bitcoin (BTC), the largest cryptocurrency, fell below the key $38,000 support level for the first time since February 5.

Ethereum (ETH) is also in the red along with Polkadot (DOT), Terra (LUNA), Solana (SOL) and Cardano (ADA).

However, XRP has managed to stay in the green amid positive developments in the Ripple lawsuit.

Fearing impending Fed hikes

On January 22, Bitcoin fell below $33,000 for the first time since July of last year, as speculation about the US Federal Reserve’s future rate hikes took center stage.

Banking giant JPMorgan expects the Fed to raise interest rates for nine consecutive meetings. The central bank is not expected to abandon its aggressive stance until 2023, as high inflation continues.

The Crypto Fear & Greed Index, which is updated daily by the website Alternative.me, re-entered “extreme fear” territory on Saturday, falling to 25 points.

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