Why Dogecoin, Shiba Inu, and Fantom Are Down Today
It's been a rough day for cryptocurrency investors today, with the entire crypto market losing just under 3% at the time of writing. However, the 24-hour moves for Dogecoin (CRYPTO:DOGE), Shiba Inu (CRYPTO:SHIB), and Fantom (CRYPTO:FTM) have been among the outsize losses many investors are watching today. These three tokens are down 3%, 4.5%, and 9.3%, respectively, over the past 24 hours.
For meme tokens Dogecoin and Shiba Inu, today's move appears to be closely tied to concerns around the debt ceiling, which are materializing in a very negative way for higher-risk assets. A wide range of tech stocks, meme stocks, and other more speculative risk assets are selling off, as the prospect of a near-term crisis weighs on expectations around near-term interest rates and valuations.
Fantom is declining on its own set of headwinds today. Users of cross-chain router Multichain have reportedly seen delays in withdrawing their money from this protocol following an upgrade. This has led to a significant drop in value for Multichain's MULTI token, but has also impacted other crypto projects with close ties to the router. As it happens, the Fantom Foundation has been withdrawing funds from Multichain, but has received scrutiny for not acting quicker when problems became clear in recent days.
Source Fool.com
