Dogecoin dropped to its lowest level since January, as a red wave swept through cryptocurrency markets. The Silvergate bank based sell-off has impacted overall sentiment, with the global crypto market cap down 3.63% as of writing. Shiba inu also dropped, falling to a six-week low.

Dogecoin (DOGE) dropped to a multi-month low on Friday, as the Silvergate based sell-off has impacted overall sentiment in the marketplace. Following a high of $0.08084 on Thursday, DOGE/USD fell to an intraday bottom at $0.07424 earlier today. This sell-off has pushed the meme coin to its lowest point since January 9, and below a key support point in the process.

Additionally, shiba inu (SHIB) was another meme coin to edge lower in today’s session, falling to a six-week low in the process. SHIB/USD slipped to a bottom at $0.00001104 on Friday, following Thursday’s peak at $0.00001219. As a result, shiba inu fell below a floor at $0.00001130, hitting its weakest point since January 25 in the process.