Crypto market crash has deepened, with Shiba Inu underperforming comparing to the rest of top coins

The Shiba Inu (SHIB) price has dropped about 12% from Saturday’s peak of $0.00002827 on the Binance exchange. At the time of writing, SHIB is changing hands at $0.00002536.

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Shiba Inu saw double-digit losses as Bitcoin drops below $38,000

Earlier today, SHIB rallied to $0.00002494, with the bears sitting comfortably in the driver’s seat. This is the lowest price the Ethereum-based token has reached since February 6. Shiba Inu is again under intense sales pressure despite finally launching its decentralized autonomous organization “Doggy DAO” earlier this week.

The meme coin isn’t alone. The ongoing crypto market sell-off shows no signs of abating. Bitcoin (BTC), the largest cryptocurrency, slipped below the critical $38,000 support for the first time since Feb. 5. Ethereum (ETH) is also in the red, along with Polkadot (DOT), Terra ( LUNA), Solana (SOL), and Cardano (ADA). However, XRP managed to stay green amid the positive developments in the Ripple lawsuit.

On January 22, Bitcoin fell below $33,000 for the first time since July of last year on speculation regarding future interest rate hikes by the US Federal Reserve.

Banking giant JPMorgan expects the Fed to raise interest rates in nine consecutive meetings. The central bank is expected to abandon its hawkish stance only in 2023 as high inflation persists.

On Saturday, the Crypto Fear & Greed Index returned to “extreme fear” territory, dropping 25 points.

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