Meme coins, including DOGE and SHIB, experienced losses as the crypto market crashed.
SHIB's RSI dropped below 20, hinting at a potential rebound amid reduced selling offs.
SHIB outflows have dominated inflows, showing a shift, which could reduce selling pressure.
Cryptocurrencies have crashed with Bitcoin falling below $50,000 in the last 24 hours. The meme coin’s general market cap dropped by 23%, with major coins like Dogecoin, Shiba Inu, and others experiencing losses.
Meme Coins Suffer Major Losses Amid Market Crash
Bitcoin has recorded a great downturn with the situation in the meme coin being the same. The market capitalization currently stands at around . Leading memes, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and many more, are down by double digits, reaching several month lows.
PolitiFi tokens have performed even worse. Meme coins related to the presidential candidate Donald Trump, such as TREMP and TRUMP, have crashed by 35% and 30%, respectively. KAMA, an asset linked to the Democratic nominee Kamala Harris, recorded a fall.
Shiba Inu (SHIB) Shows Potential for Rebound Despite Market Decline
Despite the current trend, some indicators suggest that Shiba Inu’s value may soon record a surge. The SHIB RSI, which measures the speed and change of price movements, has fallen below the 20 mark in the last few days.
The movement varies from 0 to 100. When it is above 70, this is indicative of overbought conditions, which are known to sometimes lead to a correction. On the other hand when it is below 30, this suggests that the asset is oversold, which might prompt a rise.
SHIB’s exchange netflow also suggests that the bullish trend might be attained soon. According to Sosovalue, Shiba Inu outflows have significantly surpassed inflows in the last five days, signaling about a shift from centralized platforms toward self-custody methods. This is generally considered bullish since it reduces the immediate selling pressure.
The cryptocurrency market recorded a downturn, with Bitcoin (BTC) reading at $54,000 and Ethereum (ETH) dropping to as low as $2474.
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