Shiba Inu (CRYPTO:SHIB) has experienced a significant decline amid a broader correction in the meme coin sector, which saw market capitalisation plummet by 10% to around $46.4 billion.

Over the past 24 hours, SHIB dropped by 6%, extending its weekly losses to 8%.

The token's daily trading volume has also decreased notably, contrasting with higher volumes seen in Dogecoin (DOGE) and Pepe (PEPE).

Despite these challenges, there are indications of a potential rebound for SHIB, including a low Relative Strength Index (RSI), suggesting oversold conditions, and recent netflow data showing a shift towards self-custody methods, which may alleviate selling pressure on centralised platforms.