Shiba Inu (SHIB) Nosedives Amid an Overall Meme Coin Bloodbath: Details

summary

  • The cryptocurrency sector saw a major correction, with meme coins’ market cap falling 10% to $46.4 billion and Shiba Inu (SHIB) dropping 6% on a daily basis and 8% on a weekly basis.
  • Meanwhile, some tokens linked to politicians, like Kamala Hollis (KAMA), have risen.

Red Territory Meme Coin

The cryptocurrency market experienced another significant correction today (July 4), with Bitcoin (BTC) falling to multi-month lows of around $58,000 (according to CoinGecko data) and Ethereum (ETH) plummeting to $3,100.

The situation is even more bearish in the meme coin niche, with the sector’s market capitalization currently falling by 10% per day. Are standing Approximately $46.4 billion. Shiba Inu – The second largest dog in the world In The cohort is in deep red, dropping 6% and 8% in the past 24 hours. On a weekly basis.

SHIB price, Source: CoinGecko

SHIB’s daily trading volume also plummeted to a low of less than $300 million. By comparison, Dogecoin (DOGE)’s trading volume reached around $850 million, while Pepe (PEPE) accounted for nearly $900 million.

Other meme coins that have seen significant price declines over the past 24 hours include WIF (-10%), FLOKI (-11%), MEW (-13%) and POPCAT (-17%).

The people who are making the profits are those connected to politicians. Inferred I will run for the US presidency on behalf of Joe Biden. The current political leaders of the United States Fairly well executed Unconvincing in his arguments Major Republican opponent, Donald Trump.

As a result, some sources Shown Maybe someone more qualified, like Vice President Kamala Harris, will take his place. Kamala Harris (KAMA), the token for the vice president, is Jumped off That’s a 30% increase every day, and a whopping 1,000% increase in two weeks.

Can SHIB recover? In the near future?

The performance is poor recentlySeveral key indicators suggest a new surge in Shiba Inu numbers may be on the way. first, The Relative Strength Index (RSI) has been at relatively low levels for the past month.

The technical analysis tool measures the speed and change in price movement and rates it on a scale from 0 to 100. A score above 70 indicates a possible correction. The last time the SHIB RSI crossed this zone was at the end of May., the current Placed I’m around 30 years old.

The net flow of the Shiba Inu Exchange is also noteworthy. Beyond There were inflows on most days last week, signaling an ongoing shift from centralized platforms to self-custodian ones. this It is considered We are bullish as short-term selling pressure is easing.

SHIB Exchange Netflow, Source: CryptoQuant

Be sure to check out Shibarium News for the latest updates on the ecosystem.

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