TL;DR SHIB collapsed to a four-month low, but one indicator suggests a potential move to the upside. The entire meme coin niche is in red today (February 3), with WIF, BONK, FLOKI, and more among the biggest losers. Just a Temporary Correction? The past 24 hours have been calamitous for the cryptocurrency market, with numerous leading digital assets recording double-digit losses. Bitcoin (BTC) briefly crashed below $92,000, but it was the altcoins that took the major blow. Among the worst affected was the popular meme coin Shiba Inu (SHIB), whose valuation collapsed to $0.00001284, representing the lowest point since September last year. In the following hours, the bulls managed to restore some of the lost ground, and the price is currently hovering at around $0.00001443, a 17% daily decline. Despite the bearish environment, the SHIB Relative Strength Index (RSI) suggests an incoming reversal. The metric, which measures the speed and change of price movements, varies from 0 to 100 and helps traders identify oversold or overbought conditions. The ratio recently dipped to 16, which signals that the asset might be undervalued and potentially headed for a rally in the short term. Additionally, SHIB’s exchange netflow has turned predominantly negative in the past week . This indicates a possible shift from centralized platforms toward private wallets, hence a reduced immediate selling pressure. SHIB Exchange Netflow Overall Meme Coin Outlook The total market capitalization of the meme coin sector currently stands at approximately $75 billion. This represents a major crash of over 17% on a 24-hour scale . Some of the biggest losers include Pepe (PEPE), Bonk Inu (BONK), Floki (FLOKI), dogwifhat (WIF), and Brett (BRETT). All of those saw their prices plummet by more than 20% during the aforementioned timeframe. The meme coins that made the headlines towards the end of January – Official Trump (TRUMP) and Melania Meme (MELANIA) – have also headed south. The former lost its spot in the top 3 list and is now the fourth-biggest meme. For its part, MELANIA (whose market cap briefly spiked above $2 billion last month) now has a capitalization of just $220 million. On the other hand, Fartcoin (FARTCOIN), AI Rig Complex (ARC), and Elon4AfD (ELON4AFD) are among the very few charting some gains. The post Shiba Inu (SHIB) Crashes 20% Daily But This Key Metric Suggests a Comeback appeared first on CryptoPotato .
