Shiba

Shuffle

Shiba Inu

Trillion

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is <a href="https://www.coingecko.com/en/coins/shiba-inu" target="_blank" rel="noopener nofollow">facing choppy waters.</a> A recent colossal transfer by Robinhood, a leading crypto exchange, has given jitters to SHIB enthusiasts, raising questions about the future of meme coins. 
<h2 data-sourcepos="5:1-5:39" id="strong-robinhood-s-mysterious-shib-shuffle-strong">Robinhood’s Mysterious SHIB Shuffle</h2> 
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. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 2,200,000,000,000 <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#SHIB</a> (39,945,400 USD) transferred from <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Robinhood</a> to unknown wallet<a href="https://t.co/PI39McZERl" rel="nofollow" target="_blank">https://t.co/PI39McZERl</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1803905154766320108?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 20, 2024</a>
</blockquote> 
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. 
<h2 data-sourcepos="11:1-11:48" id="strong-meme-coin-mania-fading-fad-or-future-force-strong">Meme Coin Mania: Fading Fad Or Future Force?</h2> 
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. 
<blockquote class="twitter-tweet"> 
 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. <a href="https://t.co/H5d81mRIJB" rel="nofollow" target="_blank">pic.twitter.com/H5d81mRIJB</a> 
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1803477650071015734?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 19, 2024</a>
</blockquote> 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/NKhmYWho/" width="1835" height="883"> 
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. 
<img loading="lazy" decoding="async" class="wp-image-306718 size-full" src="https://bitcoinist.com/wp-content/uploads/2024/06/A_9d2c57.png?resize=921%2C283" alt="" width="921" height="283" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/A_9d2c57.png?resize=921%2C283?w=921 921w, https://bitcoinist.com/wp-content/uploads/2024/06/A_9d2c57.png?resize=921%2C283?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/A_9d2c57.png?resize=921%2C283?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/A_9d2c57.png?resize=921%2C283?w=750 750w" sizes="(max-width: 921px) 100vw, 921px" data-recalc-dims="1"> SHIB Price Forecast 
Meanwhile, according to current Shiba Inu price predictions, the token is <a href="https://coincodex.com/crypto/shiba-inu/price-prediction/" target="_blank" rel="noopener nofollow">expected to decline</a> 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. 
Despite the bearish forecast, the broader market sentiment remains neutral with a Fear &amp; Greed Index of 53. Over the past 30 days, Shiba Inu has had 37% green days and 11.58% price volatility, suggesting significant price fluctuations. However, the alignment of technical indicators supports the prediction of a potential price decline. 
Featured image from Flickr, chart from TradingView

Dog Days Over? Robinhood Moves 2.2 Trillion Shiba Inu Amidst Cooling Meme Market

Innholdsfortegnelse

Bitcoinist

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