- The bitcoin market plummeted, as Bitcoin momentarily dropped below $50,000. TThe meme coin’s market value dropped by 23% overall, while double-digit drops were observed in the values of well-known coins like Dogecoin, Shiba Inu, and others.
- Nonetheless, certain indicators point to a possible recovery for SHIB, as its RSI drops below 20 and exchange netflows exhibit less selling pressure.
Memes That Really Bleed Out
According to CoinGecko’s data, the cryptocurrency market plummeted in the last 24 hours, with Ethereum (ETH) falling as low as $3,170 and Bitcoin (BTC) momentarily falling below the psychological threshold of $50,000.
Nothing has improved in the meme coin industry. The market capitalization of this specialty, which was once estimated to be worth $33 billion, has dropped by an astounding 23% every day. Prominent memes are plummeting by double digits and have reached multi-month lows, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and many more.
Tokens from PolitiFi have fared considerably worse. Memes featuring Donald Trump, who is running for president, have seen a 35% and 30% decline in value, respectively. KAMA, a resource connected to Kamala Harris, the Democratic nominee, is likewise significantly down.
The less well-known Neiro (NEIRO) and Neiro (NEIRO) are among the very few memes that have seen some gains in the last day. However, among today’s losers is Neiro on ETH (NEIRO), which was recently the focus of an insider trading incident.
Is SHIB About to Rebound?
Despite the collapse, a few significant factors suggest that the value of Shiba Inus may soon rise. Over the past few days, the SHIB Relative Strength Index (RSI), which gauges how quickly and how much prices move, has fallen below the 20-point threshold.
The range of the measure is 0 to 100. It indicates overbought conditions—which are known to occasionally result in a correction—when it is greater than 70. Conversely, if it is less than 30, it may indicate that the asset is oversold and could see a bounce.
Additionally, the exchange netflow for SHIB suggests that the slide may be coming to an end soon. According to CryptoQuant, Shiba Inu withdrawals have significantly exceeded inflows over the last five days, suggesting a shift away from centralized platforms and toward self-custody methods. This is typically seen favorably since it lessens the pressure on sellers to complete a sale right away.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
