Not Just Terra: ApeCoin, Avalanche, Solana, Shiba Inu All Down at Least 20% in Crypto Crash

By Andrew Hayward

It’s bloodshed pretty much across the board in the crypto market again today, led by Terra (LUNA) and its 97% drop following the collapse of its paired UST stablecoin.

No other coin has suffered as much as LUNA, but major coins and tokens like Avalanche, ApeCoin, Solana, Shiba Inu, and Cardano have all seen sizable, double-digit percentage declines over the past day.

Avalanche (AVAX) is one of the biggest losers of the day, down 34% to just below $32, per data from CoinMarketCap. It fell even further earlier this morning to below $28—the lowest since August 2021.

It’s not the only major altcoin suffering today. Solana (SOL) is down 26% in the past 24 hours, dropping to about $52 at present. It fell below $50 earlier today, likewise for the first time since last August.

Cardano (ADA) is down 16% as of this writing to $0.56, reaching lows last seen in February 2021. Meanwhile, Polkadot (DOT) has fallen about 24% over the past day to about $9, dipping to lows not witnessed since January 2021.

Meme coins and tokens—already famously volatile—are dipping hard today too, with Shiba Inu (SHIB) losing 27% over the past day. It’s currently sitting at $0.00001241, a fresh seven-month low. And Dogecoin (DOGE) is down 23% to $0.087 after setting a 13-month low earlier today.

ApeCoin (APE), the token created for the growing Bored Ape Yacht Club ecosystem, was falling fast, shedding 37% of its value over the past 24 hours to a current price of about $5.90. It’s now down 85% from a peak of $39.40 after its launch in March.

Major metaverse gaming tokens for The Sandbox (SAND) and Decentraland (MANA)—both in hot demand last fall after Facebook revealed its metaverse plans—are also having a rough day. SAND is down over 28% to $1.32, with MANA the same percentage to $0.85. Both tokens have shed most of the value gained since last October.

Overall, the crypto market is down 11% over the past 24 hours, with leading crypto Bitcoin dropping 6% to a current price just below $29,900. Ethereum, the leading platform for NFTs and decentralized apps (dapps), is down about 8% to about $2,180.

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