Shiba Inu (SHIB) noses in general meme coin blood washing: details

TL; DR

The cryptocurrency sector saw a significant correction, meme coin market capitalization fell 10% to $ 46.4 billion; Shiba Inu (SHIB) is down 6% daily and 8% weekly. On the other hand, some tokens linked to political figures like Kamala Horis (KAMA) have made gains.

Mem coins in the red state

The cryptocurrency market experienced another significant correction today (July 4), with Bitcoin (BTC) falling to a multi-month low of $58,000 (according to CoinGecko) and Ethereum (ETH) falling to $3,100.

The situation in the meme coin nest is even more tenuous. Currently, the total market capitalization of the sector has decreased by 10 percent per day Standing Around $46.4 billion. Shiba Inu – the second-biggest in the Stock – deep in the red, down 6% in the last 24 hours and up 8% Weekly balance.

SHIB's daily trading volume has also fallen to a record low – below $300 million. In comparison, Dogecoin's (DOGE) figure was around $850 million, while PEPE's was around $900 million.

Other Memcoins whose prices have closed significantly in the last 24 hours include WIF(-10%), FLOKI (-11%), MEW (-13%), POPCAT (-17%) and many others.

Few gains are related to political figures. It is assumed that To replace Joe Biden in the US presidential campaign. Remember that he is now the political leader of America It's done right Unconvincing in his arguments against him Main Opponent of the Republican Party – Donald Trump.

As a result, some sources They pointed out Someone fit for the office, like Vice President Kamala Harris, could fill the position. Kamala Horis (KAMA) – a token related to VP – jumped by 30% daily and by a maximum of 1,000% in two weeks.

SHIB can give back. coming soon?

Despite the poor performance As of latesome important metrics indicate that a renewed Shiba Inu lineup may be on the horizon. For one, The Relative Strength Index (RSI) has been relatively low over the past month.

The technical analysis tool measures the speed and change of price movements and ranges from 0 to 100. A score above 70 indicates the possibility of correction. The last time the SHIB RSI crossed that zone was in late May., currently placed Around 30.

The net flow of the Shiba Inu exchange should also be observed. Outflows exceeded inflows on most days last week, indicating a shift from centralized platforms to self-sustaining methods. This It is considered Bullying because it immediately reduces sales pressure.

For more updates on the ecosystem, be sure to check out our Shibarium News.