Robinhood Moves 2.2 Trillion Shiba Inu Amidst Cooling Meme Market

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is experiencing turbulent waters, recent colossal transfer by Robinhood, a prominent crypto exchange, has caused anxiety among SHIB devotees

The Mysterious SHIB Shuffle of Robinhood

Robinhood transferred an astonishing 2.2 trillion SHIB tokens, valued at approximately $40 million at the time, in the late hours of June 20th. Analysts are perplexed by this maneuver, with some hypothesizing that it may serve as a precursor to a more substantial SHIB sell-off by the exchange.

The transfer’s purpose remains a topic of secrecy for Robinhood; however, its current holdings provide an intriguing perspective. The third-largest holding in the platform’s digital asset portfolio is a staggering 44 trillion SHIB tokens, which are only surpassed by industry titans such as Ethereum (ETH) and Bitcoin (BTC).

This substantial SHIB stockpile indicates that Robinhood is meeting its customers’ substantial demand for the meme coin.

Is Meme Coin Mania A Future Force Or A Fading Fad?

Nevertheless, meme currencies such as SHIB appear to have a less-than-optimistic future. The meme coin mania may be on the decline, according to CryptoQuant, a renowned blockchain research platform. Ki Young Ju, the CEO of CryptoQuant, anticipates a return to fundamentals, a trend observed a few years ago, as opposed to “meme-based gambling.”

This is consistent with a more generalized decrease in the dominance of meme coins. Ju identifies November 2022 as the apex, emphasizing a significant decline that has occurred since. A cycle peak of $56 billion for meme coins in March 2024 provided a glimmer of optimism; however, it was insufficient to reclaim the all-time high dominance.

This decline is evident in SHIB. In early March, the token attained a yearly high of $0.000044; however, it has since plummeted by an astonishing 80% from its all-time high of $0.000086 in October 2021. SHIB is trading at a meager $0.000017, a decrease of nearly 30% in the past two weeks.

HIB Army Maintains Its Strength Despite the Recession

Some favorable aspects of SHIB persist despite the adverse sentiment. It remains a top-10 contender in global market capitalization, indicating a robust community presence. The dedicated SHIB Army is still advocating for the token’s utility cases, as Shiba Inu enthusiasts refer to themselves, despite its meme status.

SHIB Price Forecast

In the interim, the token is anticipated to experience a 5.16% decline in value, with a potential value of $0.00001708 by July 22, 2024, per the most recent Shiba Inu price predictions. This adverse outlook is further supported by technical indicators, which include the Relative Strength Index (RSI) below 50, the MACD exhibiting a negative trend, and the ADX suggesting a strengthening downtrend.

Despite the bearish forecast, the broader market sentiment remains neutral, with a Fear & Greed Index of 53. Shiba Inu has experienced a 37% increase in green days and an 11.58% increase in price volatility over the past 30 days, indicating substantial price fluctuations. Nevertheless, aligning technical indicators lends credence to a potential price decline.