Are the Dog Days over? Robinhood Moves 2.2 Trillion Shiba Inu As Meme Market Cools

The self-proclaimed “Dogecoin Killer” Shiba Inu (SHIB) is going through turbulent occasions. A latest giant switch from main cryptocurrency trade Robinhood has unnerved SHIB lovers and raised questions on the way forward for the meme coin.

Robinhood’s mysterious SHIB shuffle

On the night of June 20, Robinhood transferred a staggering 2.2 trillion SHIB tokens, price roughly $40 million on the time. The transfer has analysts scratching their heads, with some speculating it may very well be a prelude to an enormous SHIB selloff on the trade.

🚨 🚨 2,200,000,000,000 #SHIB ($39,945,400) Reprinted from #robinhood To unknown pockets https://t.co/PI39McZERl

— Whale Alert (@whale_alert) June 20, 2024

Whereas Robinhood is tight-lipped in regards to the objective of the switch, its present holdings paint an fascinating image. The platform holds a whopping 44 trillion SHIB tokens, making it the third-largest holding in its digital asset portfolio, behind giants akin to Bitcoin (BTC) and Ethereum (ETH). The massive SHIB stock suggests Robinhood is assembly robust buyer demand for the meme coin.

Meme Coin Mania: Fading Fad or Future Power?

Nonetheless, the prospects for meme cash like SHIB don’t appear promising. CryptoQuant, a well known blockchain analysis platform, stated that the meme coin craze could also be waning. CryptoQuant CEO Ki Younger Ju predicts that the main target will shift from “meme-based playing” to fundamentals, much like traits noticed a number of years in the past.

Memecoin’s dominance within the different market is declining.

CT will transfer from playing to specializing in fundamentals, comparable to a couple years in the past.

Pack it up guys, it is throughout. pic.twitter.com/H5d81mRIJB

— Ki Younger Joo (@ki_young_ju) June 19, 2024

That is in step with a broader decline in memecoin dominance. Ju pointed to November 2022 as the height, highlighting the sharp decline since then. Though the Meme coin’s cycle peak reached $56 billion in March 2024, giving folks a glimmer of hope, it was not sufficient to regain its highest dominance in historical past.

SHIB itself displays this decline. The coin reached a yearly excessive of $0.000044 in early March, however has since plummeted 80% from its all-time peak of $0.000086 in October 2021. It fell practically 30% in two weeks.

SHIB troops stay robust regardless of financial downturn

Regardless of the downbeat market sentiment, SHIB retains some optimistic points. It stays a top-10 contender by international market capitalization, demonstrating its robust neighborhood attain. The self-proclaimed “SHIB Military” of Shiba Inu lovers will proceed to assist the token’s sensible case past its meme standing.

SHIB Worth Prediction

In the meantime, in keeping with the present Shiba Inu worth prediction, the coin is anticipated to fall by 5.16% and should attain $0.00001708 by July 22, 2024. (RSI) is in destructive development beneath 50, ADX signifies a strengthening of the downtrend.