February 25, 2024

The Drop of BTC, ETH, LUNA, SHIB, and SOL

From available data on CoinMarketCap yesterday, most cryptocurrencies entered the red region. In the last 24 hours, SOL and LUNA recorded an 8% drop in price while AVAX dropped by 10%. Popular meme coins Dogecoin and Shiba Inu dropped by 4% and 5% respectively. 

The number one coin, Bitcoin, was not spared from the plunge as the price dropped to about $35k. This happened after the Chairman of Fed, Jerome Powell mentioned that the Central Bank might raise interest rates come March. Also, Ethereum has dropped in the last 24 hours.

Shiba Inu overtakes FTT By Dollar Value

Yesterday, Shiba Inu increased in dollar value surpassing FTT, the primary coin of FTX exchange. As at yesterday, the Market Cap of Shiba Inu stood at $11,665,876,442. It was not long before FTT went above SHIBA but this lasted for only a minute. As of the time of this report, SHIB is taking the lead among other member tokens. Another good news is that the number of SHIBA holders has increased to over 1.1 million people. This is a new record and something the DOGE community should be proud of.

MrBeast Burger Considering Accepting Dogecoin As Means of Payment

Recently, another fast food chain has decided to join the crypto trend. This is coming after billionaire Elon Musk made a tweet encouraging McDonald to accept Dogecoin as a means of payment. The Tesla CEO is a huge fan of Dogecoin and is fond of using his Twitter page to promote the meme coin over the years. MrBeast Burger in its Twitter post on January 26 promised to accept Dogecoin if the billionaire retreats the tweet. 

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Musk did not respond to the tweet but the creator of Dogecoin, Billy Markus retweeted it and urged the DOGE community to patronize the fast food.

Liquidation Of Millions Of Crypto After the Meeting by Fed

After the meeting held by the Fed, BTC and altcoins have recorded a huge dip. According to reports, over 100 Million Dollars worth of crypto has been liquidated. BTC traders recorded losses of about 37 million dollars while Ethereum noted a $29 million loss. 

This decline is creating panic and tension in the crypto community as the price keeps dropping. Most crypto holders out of fear are now selling off their coins for fear that they would drop further in the coming months.

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According to a tweet by a Veteran crypto trader, Peter Brandt, the purchasing ability of the American Dollar will continue to decline like most fiat currencies. Peter is so confident of the prediction and is willing to bet on it. In the tweet, Peter posted a chart showing how $100 has declined beginning from 1947. 

Most Twitter users rushed to the comment section and acknowledged Bitcoin as the solution to this problem. Even with the recent decline in the price of BTC, the coin is still 206% above the price chart of November 2020.

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