- Cryptocurrency market experiences a notable correction with meme coins taking a significant hit.
- Tokens related to political figures show unexpected gains amidst the downturn.
- Shiba Inu (SHIB) declines sharply while indicators suggest potential for a future rally.
Explore the latest shifts in the cryptocurrency market with meme coins declining and political tokens rising. What’s next for Shiba Inu?
Significant Correction in the Cryptocurrency Market
The cryptocurrency market underwent a substantial correction recently, which saw flagship cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) hitting multi-month lows. Bitcoin’s price plummeted near $58,000 while Ethereum’s value dropped to approximately $3,100. This downturn has had a pronounced impact on the meme coin segment, reducing its total market capitalization by 10%, which now stands at around $46.4 billion.
Meme Coins Suffer Major Losses
Shiba Inu (SHIB), the second-largest meme coin, has faced significant declines with its price falling 6% in the past 24 hours and 8% over the past week. Additionally, SHIB’s trading volume has sunk below $300 million. By comparison, Dogecoin (DOGE) and Pepe (PEPE) have managed to fare slightly better with trading volumes around $850 million and $900 million, respectively. Other meme coins like WIF, FLOKI, MEW, and POPCAT have also seen drastic drops in their prices, declining by 10% to 17% in just 24 hours.
Political Tokens Buck the Trend
Not all is bleak in the meme coin world. Certain tokens linked to political figures have shown resilience and growth. For instance, Kamala Horris (KAMA), a token associated with U.S. Vice President Kamala Harris, has surged by 30% daily and an astonishing 1,000% over two weeks. This rise comes amid speculations that Kamala Harris might be a more suitable candidate than the current U.S. President Joe Biden for the upcoming presidential campaign, especially following his less-than-impressive performance in debates against Donald Trump.
Potential Rebound for Shiba Inu (SHIB)
Despite the recent plummet in SHIB’s value, several key indicators suggest a potential reversal in its fortune. One such metric is the Relative Strength Index (RSI), which has stayed relatively low for the past month. The RSI, ranging from 0 to 100, signals potential corrections when it exceeds 70; currently, SHIB’s RSI is around 30, suggesting that a rebound might be on the horizon. Furthermore, SHIB’s exchange netflow has shown higher outflows compared to inflows, indicating a move toward self-custody, which typically reduces immediate selling pressure and is considered bullish.
Conclusion
The recent market correction has been tough on meme coins, particularly for SHIB and others like it. However, the rise of political tokens and certain technical indicators provide a glimmer of hope for a potential rebound. Investors should keep an eye on these metrics and market behavior as they navigate these volatile times.
