These 3 Popular Meme Cryptos Are Plunging Today
It's absolute carnage once again in the world of cryptocurrency. As of 2 p.m. ET, popular tokens Shiba Inu (CRYPTO: SHIB), ApeCoin (CRYPTO: APE), and XRP (CRYPTO: XRP) each declined by more than 4% over the past 24 hours. The moves seen among these significant projects aligns with the broader market move over this time frame.
That said, the daily decline for these tokens did approach double-digit levels this morning. Much of this has to do with ongoing contagion fears tied to the collapse of crypto bank Silvergate Capital, which has been exacerbated by news of another (even bigger) collapse of a financial institution, as SVB Financial officially got taken over by U.S. regulators today.
While the majority of activity in the crypto sector is decentralized, and a significant amount of trading activity happens on nonbank centralized and decentralized exchanges, Silvergate did provide traditional finance rails for the sector, and Silvergate did provide venture debt financing for many companies in this space. Thus, the market is viewing these collapses as indicative of potential systemic risk, at least when it comes to the crypto market, right now.
Source Fool.com
