Cryptocurrency news: Cardano slumps by 11.9%, XRP down by 9.8%

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Nine of the top ten cryptocurrencies have been trading in red in the last 24 hours, with Cardano showing the highest decline of 11.90% at $1.95, XRP also fell by 9.83% at $1.01. Others like Polkadot and Dogecoin also slipped by 8.81% and 9.20% at $40.92 and $0.23 respectively. The world’s oldest and largest cryptocurrency Bitcoin fell by 2.43% to $59,159.13, while the second-largest token Ethereum also slumped by 4.47% to $4,009.93. In terms of ranking, all cryptocurrencies remained in the same position, with the exception of Binance Coin moved up to the third position.

Cryptocurrency prices

Shiba Inu has become the 11th largest crypto in the world

Meme cryptocurrency Shiba Inu continues to grow higher with a spectacular rally. The coin soared by more than 35% in the last 24 hours and has doubled the investors’ wealth in the last one week. This unprecedented rally has made Shiba Inu the 11th largest cryptocurrency in the world, according to data from Coinmarketcap.com.

Crypto enthusiasts are perplexed with Shiba Inu’s surge though Tesla boss Elon Musk has snubbed the meme token. In the past one month the coin has soared by around 700%, due to the increasing clamor from Robinhood to add Shiba Inu to its platform. With this, the meme coin has scaled the market cap of $22.6 billion

Tesla gears up for second innings in crypto payments

In its third-quarter earnings release today, Tesla hinted that it could start transacting in cryptocurrencies for its products and services in the future. The electric car maker is hell-bent on crypto payments, as it has bought an aggregate of $1.5 billion worth of Bitcoin in the nine months ending on September 30.

The company in its release added that during the three months ended March 31, 2021, the company accepted Bitcoin as payment for sales of certain products in specified regions, subject to applicable laws and suspended this practice in May 2021.