LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash
May 11 2022 - 10:47PM
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The crypto market has deep-dived to 11% in just 24 hours. It’s been
in the hole or behind and most coins (led by LUNA) have been
suffering major losses such as Avalanche, ApeCoin, Solana, and
Shiba Inu, 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 following the major dip of UST stablecoin.
The losses of other coins are not as massive as Terra but they have
also suffered devastating double-digit losses over the 24-hour time
frame. Suggested Reading | Shiba Inu Vs. Dogecoin And LUNA: Which
One Will Survive The Crypto Carnage? Altcoins In The Red Most
altcoins are in the red at this time. It’s a major blow in the
crypto space and people are trying to analyze their cards.
Avalanche has plummeted to 34% or under $32 and it even crashed
below $28 which is far worse than its slump in August 2021. More
so, Solana is now down by 26% which has further dropped to around
$52 as of this writing. Luna is the cryptocurrency of Terra.
Following the collapse of USDT or the dollar stablecoin, Luna also
suffered a massive slump at 97% or below $1. BTC total market cap
at $550.71 billion on the daily chart | Source: TradingView.com ADA
of Cardano has also slid down by 16% or $0.56 displaying tremendous
dips comparable to what transpired in February 2021. Additionally,
Polkadot (DOT) has also crashed to around 24% over the past 24
hours, or about $9. Other tokens and meme coins are also extra
volatile and dipping today like Dogecoin which is down 23% or
$0.087 and Shiba Inu, which has lost over 27% in the past 24 hours.
Meanwhile, ApeCoin is also falling rapidly and has scraped 37% off
its market value over the past day with the current prevailing
price at $5.90. The price has now plunged to 85% compared to
its winning streak of $39.40 following its launch in March of this
year. Trouble In Metaverse? Even the metaverse is having trouble
Decentraland and The Sandbox have plunged to 28% or $0.85 and 28%
or $1.32, respectively. These metaverse gaming tokens were selling
like hotcakes especially following Facebook’s switch to Meta but
are now losing out on value. The crypto market has slumped by 11%
in a quick span of 24 hours led by the king of cryptocurrencies,
Bitcoin which suffered a dip of 6% or a price below $29,900.
Meanwhile, Ethereum is also down to 8% or $2,180. Suggested Reading
| Bitcoin Price Crashes Below $30K As Markets Show Signs Of
Paranoia Featured image from Physics World, chart from
TradingView.com
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