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

TL;DR

The cryptocurrency sector saw a significant correction, with meme coin market capitalization dropping 10% to $46.4 billion; Shiba Inu (SHIB) fell by 6% daily and 8% weekly.
On the other hand, some tokens linked to political figures, like Kamala Horris (KAMA), saw gains.

Meme Coins in Red Territory

The cryptocurrency market experienced another significant correction today (July 4), with Bitcoin (BTC) dipping to a multi-month low of almost $58,000 (per CoinGecko’s data) and Ethereum (ETH) plunging to $3,100.

The situation in the meme coin niche is even more bearish. The sector’s total market capitalization is down 10% daily, currently standing at around $46.4 billion. Shiba Inu – the second-largest in the cohort – is deep in the red, declining by 6% in the past 24 hours and 8% on a weekly scale.

SHIB’s daily trading volume has also plummeted to low levels – less than $300 million. In comparison, Dogecoin’s (DOGE) figure reached approximately $850 million, while Pepe (PEPE) accounted for nearly $900 million.

Other meme coins whose prices tanked significantly in the last 24 hours include WIF (-10%), FLOKI (-11%), MEW (-13%), POPCAT (-17%), and many more.

The few ones recording some gains are those related to political figures who were speculated to replace Joe Biden in the US presidential campaign. Recall that America’s current political leader performed quite unconvincingly during his debate against his main opponent from the Republican Party – Donald Trump.

As a result, some sources indicated that someone fitter for office, such as Vice President Kamala Harris, might take his place. Kamala Horris (KAMA) – a token related to the VP – has jumped by 30% daily and a whopping 1,000% on a two-week basis.

Can SHIB Rebound in the Near Future?

Despite its poor performance as of late, some important metrics signal that a renewed Shiba Inu rally might be on the horizon. For one, the Relative Strength Index (RSI) has been at relatively low levels in the past month.

The technical analysis tool measures the speed and change of price movements and ranges from 0 to 100. A score above 70 shows the chance of a possible correction. The last time SHIB RSI crossed that zone was at the end of May, currently positioned at around 30.

Shiba Inu exchange netflow is also worth observing. Outflows surpassed inflows on most days last week, indicating a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

For more updates on the ecosystem, make sure to check out our Shibarium news.