The cryptocurrency crash has deepened, with meme cryptocurrency Shiba Inu underperforming comparing to the rest of the top coins
The Shiba Inu meme (SHIB) cryptocurrency price is down around 12% from its Saturday high of $0.00002827 on the Binance exchange.
Earlier today, SHIB careened all the way to $0.00002494, with bears sitting comfortably in the driver’s seat. This is the lowest price level the Ethereum-based token has hit since Feb. 6.
Shiba Inu has once again come under intense selling pressure despite the final launch of its decentralized self-organization “Doggy DAO” earlier this week.
XRP continues to shine
The meme coin is not alone. The ongoing cryptocurrency market sell-off is not showing any signs of abating. Bitcoin (BTC), the largest cryptocurrency, slipped below the key $38,000 support level for the first time since Feb. 5.
Ethereum (ETH) is also in the red with Polkadot (DOT), Terra (LUNA), Solana (SOL) and Cardano (ADA).
XRP, however, has managed to remain in the green amid positive developments in the Ripple lawsuit.
Fearing Imminent Fed Hikes
On January 22, Bitcoin fell below $33,000 for the first time since last July, as speculation regarding future US Federal Reserve interest rate hikes took center stage.
Banking giant JPMorgan expects the Fed to hike rates during nine consecutive meetings. The central bank is expected to drop its hawkish stance only in 2023 as high inflation continues to persist.
The Crypto Fear & Greed Index, which is updated daily by Alternative.me, returned to “extreme fear” territory on Saturday, plunging to 25 points.
