The past 24 hours have been turbulent for the cryptocurrency market as many leading digital assets recorded significant losses. A prime example is the Shiba Inu (SHIB) currency, whose rate hit a four-month low.
Current State of SHIB
The value of Shiba Inu (SHIB) dropped to its lowest point since last September at $0.00001284. However, the efforts of bulls led to some recovery, with the rate currently hovering around $0.00001443, a 17% daily decline. The SHIB Relative Strength Index (RSI) suggests a potential reversal. The metric recently dipped to 16, indicating the asset might be oversold and could potentially rally soon. Additionally, SHIB's exchange netflow has turned predominantly negative, suggesting a reduction in immediate selling pressure.
Overall Meme Coin Outlook
The total market capitalization of the meme coin sector now stands at approximately $75 billion, representing a drop of more than 17% over a 24-hour scale. Some of the biggest losers include Pepe (PEPE), Bonk Inu (BONK), Floki (FLOKI), Dogwifhat (WIF), and Brett (BRETT), each seeing their prices plummet by more than 20%. Amidst the decline, a few coins such as Fartcoin (FARTCOIN), AI Rig Complex (ARC), and Elon4AfD (ELON4AFD) managed to chart minor gains.
Meme Coin Market Prospects
Despite the current downturn, some experts suggest that the meme coin market may recover. Particular attention is being paid to indicators suggesting a trend reversal according to the Relative Strength Index and exchange flow dynamics.
While the situation in the meme coin market remains unstable, existing indicators suggest the possibility of recovery. Investors should monitor the metrics to navigate the evolving market conditions.
