According to CryptoPotato, the cryptocurrency market has experienced a significant dip in the past 24 hours, affecting numerous leading digital assets. Shiba Inu (SHIB), a popular meme coin, has not been spared, losing approximately 3% of its value. Currently, SHIB is valued at around $0.00001531, with a market capitalization close to $9 billion, as per CoinGecko's data.

The recent correction has impacted SHIB investors negatively. Data from IntoTheBlock reveals that 48.1% of SHIB holders are now underwater, slightly surpassing the 47.7% who are still in profit. This is a stark contrast to March of this year when SHIB's price saw a significant bull run, leaving nearly 65% of investors in the green. Additionally, several key metrics for Shiba Inu have declined. The token's 24-hour trading volume has dropped below $250 million, and daily active addresses have decreased to around 3,100.

On a more positive note, Shibarium, SHIB's layer-2 blockchain solution, has shown signs of growth, suggesting a potential price rebound for the meme coin. Data indicates an increase in new accounts and daily transactions on the protocol. Shibarium, which officially launched last summer, aims to enhance the Shiba Inu ecosystem by lowering transaction costs, improving scalability, and increasing speed.

The downturn in Shiba Inu's price is part of a broader trend affecting the meme coin sector. The market cap for this sector has fallen by 5.5% daily to approximately $47 billion. Among the poorest performers are dogwifhat (WIF), Brett (BRETT), Mog Coin (MOG), and Pepe (PEPE). However, a few coins like Popcat (POPCAT) and Turbo (TURBO) have managed to chart some gains. This overall decline serves as a reminder for traders to conduct thorough due diligence and invest only what they can afford to lose.