Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is going through uneven waters. A current colossal switch by Robinhood, a number one crypto alternate, has given jitters to SHIB fanatics, elevating questions on the way forward for meme cash.
Robinhood’s Mysterious SHIB Shuffle
Late on June twentieth, Robinhood transferred a staggering 2.2 trillion SHIB tokens, valued at roughly $40 million on the time. This maneuver has analysts scratching their heads, with some speculating it may very well be a prelude to a bigger SHIB sell-off by the alternate.
🚨 🚨 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
Whereas Robinhood stays tight-lipped in regards to the switch’s function, its present holdings paint an fascinating image. The platform boasts a whopping 44 trillion SHIB tokens, making it the third-largest holding in its digital asset portfolio, solely surpassed by giants like Bitcoin (BTC) and Ethereum (ETH). This immense SHIB stockpile suggests Robinhood is catering to a powerful buyer demand for the meme coin.
Meme Coin Mania: Fading Fad Or Future Drive?
Nevertheless, the outlook for meme cash like SHIB seems lower than rosy. CryptoQuant, a distinguished blockchain analysis platform, suggests the meme coin craze is likely to be waning. Ki Younger Ju, CryptoQuant’s CEO, predicts a shift in focus from “meme-based playing” again to fundamentals, just like traits noticed a couple of years in the past.
Memecoin dominance in alt markets is declining.
CT can be shifting from playing to specializing in fundamentals, comparable to a couple years in the past.
Pack it up lads, it’s over. pic.twitter.com/H5d81mRIJB
— Ki Younger Ju (@ki_young_ju) June 19, 2024
This aligns with a broader decline in meme coin dominance. Ju factors to November 2022 as the height, highlighting a dramatic drop since. Whereas March 2024 provided a glimmer of hope with a cycle peak of $56 billion for meme cash, it wasn’t sufficient to reclaim the all-time excessive dominance.
SHIB itself displays this decline. The token reached a yearly excessive of $0.000044 in early March however has since plummeted a staggering 80% from its all-time peak of $0.000086 in October 2021. As of as we speak, SHIB trades at a meager $0.000017, down almost 30% in simply the final two weeks.
SHIB Military Stays Sturdy Regardless of The Downturn
Regardless of the bearish sentiment, SHIB retains some optimistic points. It stays a top-10 contender by world market capitalization, signifying a powerful group presence. The devoted SHIB Military, as Shiba Inu fanatics name themselves, continues to champion the token’s utility circumstances past its meme standing.
SHIB Value Forecast
In the meantime, based on present Shiba Inu value predictions, the token is anticipated to say no by 5.16%, doubtlessly reaching $0.00001708 by July 22, 2024. Technical indicators reinforce this bearish outlook, with the Relative Power Index (RSI) beneath 50, the MACD exhibiting a damaging pattern, and the ADX indicating a strengthening downtrend.
Regardless of the bearish forecast, the broader market sentiment stays impartial with a Worry & Greed Index of 53. Over the previous 30 days, Shiba Inu has had 37% inexperienced days and 11.58% value volatility, suggesting vital value fluctuations. Nevertheless, the alignment of technical indicators helps the prediction of a possible value decline.
Featured picture from Flickr, chart from TradingView