APE, AVAX, SOL, SHIB all lose 20% in cryptocurrency crash

The cryptocurrency market plunged 11% in just 24 hours. Most coins (led by LUNA) suffered significant losses like Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few.

It was a ripple effect or domino effect that hit one of them and is now causing the rest of the cryptocurrencies to plunge. LUNA lost 97% of its value following the major drop in the stablecoin UST. Other currencies’ losses are not as massive as Terra’s, but they also suffered devastating double-digit losses over a 24-hour period.

Altcoins in the red

Most altcoins are in the red right now. It’s a blow to the crypto space and people are trying to analyze what’s going on. Avalanche tumbled 34% below $32 and even dipped below $28, much worse than its August 2021 meltdown.

More so, Solana is now down 26% and has fallen further to around $52 as of this writing. Luna is Terra’s cryptocurrency. After the collapse of the USDT, Luna also suffered a massive drop of 97% or less than $1.

Cardano’s ADA also fell 16% to $0.56, showing sizable declines comparable to what happened in February 2021. Additionally, Polkadot (DOT) also crashed around 24% as of over the past 24 hours, at around $9.

Other tokens and meme coins are plunging today like Dogecoin which is down 23% or $0.087 and Shiba Inu which is down over 27% in the last 24 hours.

Meanwhile, ApeCoin is also in free fall losing 37% of its market value in the last day with the current price standing at $5.90. The price has now plunged 85% from its $39.40 winning streak after its launch in March.

Problems in the metaverse?

Even the metaverse has issues Decentraland and The Sandbox dipped 28% or $0.85 and 28% or $1.32, respectively. These metaverse gaming tokens had seen their price skyrocket after Facebook’s switch to Meta, but they are now losing value.

Cryptocurrency Market Drops 11% in 24 Hours, bitcoin, which fell 6% to a price below $29,900. Meanwhile, Ethereum is also down 8% to $2,180.

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