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Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is facing choppy waters. A recent colossal transfer by Robinhood, a leading crypto exchange, has given jitters to SHIB enthusiasts, raising questions about the future of meme coins.
Robinhood’s Mysterious SHIB Shuffle
Late on June 20th, Robinhood transferred a staggering 2.2 trillion SHIB tokens, valued at roughly $40 million at the time. This maneuver has analysts scratching their heads, with some speculating it could be a prelude to a larger SHIB sell-off by the exchange.
🚨 🚨 2,200,000,000,000 #SHIB (39,945,400 USD) transferred from #Robinhood to unknown wallethttps://t.co/PI39McZERl
— Whale Alert (@whale_alert) June 20, 2024
While Robinhood remains tight-lipped about the transfer’s purpose, its current holdings paint an interesting picture. The platform boasts a whopping 44 trillion SHIB tokens, making it the third-largest holding in its digital asset portfolio, only surpassed by giants like Bitcoin (BTC) and Ethereum (ETH). This immense SHIB stockpile suggests Robinhood is catering to a strong customer demand for the meme coin.
Meme Coin Mania: Fading Fad Or Future Force?
However, the outlook for meme coins like SHIB appears less than rosy. CryptoQuant, a prominent blockchain research platform, suggests the meme coin craze might be waning. Ki Young Ju, CryptoQuant’s CEO, predicts a shift in focus from “meme-based gambling” back to fundamentals, similar to trends observed a few years ago.
Memecoin dominance in alt markets is declining.
CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago.
Pack it up lads, it’s over. pic.twitter.com/H5d81mRIJB
— Ki Young Ju (@ki_young_ju) June 19, 2024
This aligns with a broader decline in meme coin dominance. Ju points to November 2022 as the peak, highlighting a dramatic drop since. While March 2024 offered a glimmer of hope with a cycle peak of $56 billion for meme coins, it wasn’t enough to reclaim the all-time high dominance.
SHIB itself reflects this decline. The token reached a yearly high of $0.000044 in early March but has since plummeted a staggering 80% from its all-time peak of $0.000086 in October 2021. As of today, SHIB trades at a meager $0.000017, down nearly 30% in just the last two weeks.
SHIB Army Stays Strong Despite The Downturn
Despite the bearish sentiment, SHIB retains some positive aspects. It remains a top-10 contender by global market capitalization, signifying a strong community presence. The dedicated SHIB Army, as Shiba Inu enthusiasts call themselves, continues to champion the token’s utility cases beyond its meme status.
Source: CoinCodex
SHIB Price Forecast
Meanwhile, according to current Shiba Inu price predictions, the token is expected to decline by 5.16%, potentially reaching $0.00001708 by July 22, 2024. Technical indicators reinforce this bearish outlook, with the Relative Strength Index (RSI) below 50, the MACD showing a negative trend, and the ADX indicating a strengthening downtrend.
