SOL - Why Solana Polkadot and Apecoin All Dropped on Friday
Cryptocurrency values took a nosedive early in the day on Friday as investors sold off risky assets. No cryptocurrency was spared and some were off double digits.
Solana (CRYPTO: SOL) was one of the big decliners, falling 8.1% in the last 24 hours as of 1:15 p.m. ET, while Polkadot (CRYPTO: DOT) was off 9.7%, and Apecoin (CRYPTO: APE) had dropped 14%. The sharp decline started just after midnight and hasn't recovered since.
The cause of the initial drop was actually fear that Europe's economy would slow down because of inflation. A producer price reading in Germany showed a 37.2% increase in costs from a year ago because of energy costs more than doubling in that time. Germany is very reliant on Russian natural gas and prices have jumped since Russia invaded Ukraine.
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Why Solana, Polkadot, and Apecoin All Dropped on Friday