SOL - Why Dogecoin Shiba Inu and Solana Are Falling Today
Several cryptocurrencies were trading lower Monday as the backdrop for the sector remained difficult and as investors waited on the latest inflation data, which is due out Tuesday morning.
Between late afternoon Sunday and 10:46 a.m. ET Monday, the price of the meme token Dogecoin (CRYPTO: DOGE) fell by roughly 6.4%. Its fellow meme token Shiba Inu (CRYPTO: SHIB) was off by 3.2%, while Solana (CRYPTO: SOL) was down about 3.7%.
The crypto industry continues to face major backlash in the wake of the FTX debacle. FTX, one of the largest crypto exchanges in the world, recently filed for bankruptcy, and many media reports and other information sources indicate that its founder and CEO, Sam Bankman-Fried, likely committed systemic fraud by using customer deposits to prop up his trading firm, Alameda Research.
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Why Dogecoin, Shiba Inu, and Solana Are Falling Today