Are The Dog Days Over? Robinhood Moves 2.2 Trillion Shiba Inu Amid Cool Meme Market

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is in hot water. The recent big transfer by Robinhood, a leading crypto exchange, has given SHIB enthusiasts jitters, raising questions about the future of the meme coin.

Robinhood’s Mysterious SHIB Shuffle

Late on June 20, Robinhood transferred 2.2 trillion SHIB tokens, which were worth about $40 million at the time. The move has analysts scratching their heads, with some speculating that it could be a precursor to a major SHIB exchange sale.

🚨 🚨 2,200,000,000,000 #SHIB (39,945,400 USD) transferred from #Robinhood in an unknown wallet

— Whale Alert (@whale_alert) June 20, 2024

While Robinhood has remained tight-lipped about the intent of the transfer, its current holdings paint an interesting picture. The platform has up to 44 trillion SHIB tokens, making it the third largest in its digital asset portfolio, surpassed only by giants like Bitcoin (BTC) and Ethereum (ETH). This large SHIB stock suggests that Robinhood is catering to strong customer demand for the meme character.

Meme Coin Mania: Fading Fad Or Future Force?

However, the outlook for meme coins like SHIB seems less than rosy. CryptoQuant, a prominent blockchain research platform, suggests that the meme craze may be on the wane. Ki Young Ju, CEO of CryptoQuant, predicts a shift in focus from “meme-based gambling” back to basics, similar to trends seen in the past few years.

Memecoin’s dominance in alt markets is waning.

CT will move from gambling to focusing on fundamentals, similar to the past few years.

Pack it up guys, it’s over. pic.twitter.com/H5d81mRIJB

— Ki Young Ju (@ki_young_ju) June 19, 2024

This coincides with a wider decline in the dominance of the meme character. Ju points to November 2022 as the peak, highlighting the dramatic decline since then. While March 2024 offered a glimmer of hope with a $56 billion cycle high for meme coins, it wasn’t enough to restore the all-time high reign.

SHIB itself reflects this decline. The token reached an annual high of $0.000044 in early March but has since fallen by a whopping 80% from its all-time high of $0.000086 in October 2021. As of today, SHIB is trading at a low of $0.000017, down from approx. only 30% at the end. two weeks.

SHIB Army Remains Strong Despite Downsizing

Despite the bearish sentiment, SHIB retains some positive characteristics. It remains a top 10 competitor by spending on global markets, indicating a strong social presence. The dedicated SHIB army, as Shiba Inu enthusiasts call themselves, continues to champion token use cases beyond their meme status.

SHIB Price Prediction

Meanwhile, according to current Shiba Inu price forecasts, the token is expected to decrease by 5.16%, which may reach $0.00001708 on July 22, 2024. Technical indicators reinforce this bearish view, with the Relative Strength Index ( RSI) below 50, MACD shows. a negative trend, and the ADX showing strong momentum.