Prominent meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB] traded in the red as the FUD triggered by the collapse of the crypto-friendly bank, Silvergate, continued to engulf the broader cryptocurrency market.

According to data from CoinMarketCap, the market cap of top meme tokens fell by 9% in the 24-hr period while the trading volume surged 23.86%, indicating that an intense market sell off was underway.

Additional data highlighted that at the time of writing, DOGE, which is the largest meme coin by market cap, was down 8.24% in the 24-hour period while SHIB fell by over 9% in the same time.

Both the coins registered double-digit losses in the last seven days and were among the worst-performing cryptos in the market.

(By Suzuki Shillsalot)