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Its Not Just Terra Its ApeCoin, Solana, Shiba Inu, Avalanche All Down 20%

Today's crypto market is in deep trouble. These coins have experienced some of the largest losses outside of Terra....
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Photo by Joshua Sortino

Over the last 24 hours, the cryptocurrency market has fallen 11%. Avalanche and Shiba Inu are just a few of the tokens and coins that suffered major losses over the past day.

It’s all over the crypto market today again, led by Terre (LUNA), and its 97% fall after the collapse of its -paired UST stablecoin.

No other coin has suffered so much as LUNA. However, major tokens and coins like Avalanche and ApeCoin have all experienced significant, double-digit percentage drops over the past day.

According to CoinMarketCap, Avalanche (AVAX), is the largest loser of the day. It fell 34% to $32, just below $32, according to data. This morning, it fell further to below $28 — the lowest level since August 2021.

It is not the only altcoin that is suffering. Solana (SOL), which is currently at $52 has fallen 26% over the last 24 hours. It was below $50 today, the same as last August.

Cardano (ADA), which is currently at $0.56, has fallen 16% since the beginning of this writing. This compares to February 2021’s lows. Polkadot has dropped 24% to $9 over the past 24 hours, reaching lows not seen since January 2021.

Meme tokens and coins, which are already notoriously volatile, are also dipping hard today. Shiba Inu’s (SHIB), 27% loss over the past day. The current price is $0.00001241, which is a new seven-month low. After a 13-month low, Dogecoin has fallen 23% to $0.087.

ApeCoin (APE), a token that was created to support the growing Bored Ape yacht club ecosystem, was rapidly falling. It lost 37% of its value in the past 24 hours and is currently at $5.90. The price is now at $5.90, down from $39.40 in March when it was launched.

Major metaverse gaming tokens for the Sandbox and decentraland (MANA), both in high demand after Facebook’s metaverse plans, are also experiencing a tough day. SAND has fallen 28% to $1.32 and MANA by the same amount to $0.85. Both tokens have lost most of their value since October.

The crypto market has dropped 11% in the last 24 hours. Leading crypto Bitcoin fell 6% to a price of just under $29,900. Ethereum is the most popular platform for decentralized apps (dapps) and NFTs . It has fallen about 8% to $2,180.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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