HomeNewsIs Shiba Inu's (SHIB) Popularity Waning? Robinhood's Recent Transfer Sparks Speculation

Is Shiba Inu’s (SHIB) Popularity Waning? Robinhood’s Recent Transfer Sparks Speculation

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  • Robinhood Transfers 2.2 Trillion SHIB, Valued at $40 Million, Prompting Speculation on Future Meme Coin Dynamics.
  • SHIB, Dubbed the “Dogecoin Killer,” Holds Third Largest Crypto Position on Robinhood, After Bitcoin and Ethereum.

Recently, Robinhood, a major player in the cryptocurrency exchange market, conducted a transfer of 2.2 trillion SHIB tokens, valued around $40 million. This move has stirred up the community, leading to speculation about the potential impact on SHIB’s market position.

Robinhood’s Large-Scale SHIB Transaction

The transfer, executed late on June 20th, positioned Robinhood as holding one of the largest caches of SHIB, totaling 44 trillion tokens. This stockpile indicates sustained interest in Shiba Inu among Robinhood’s clientele, placing SHIB as the third-largest crypto asset on the platform, behind only Bitcoin and Ethereum.

Market Sentiment and the Future of Meme Coins

The broader sentiment towards meme coins is showing signs of cooling. Industry experts from CryptoQuant have noted a decrease in the meme coin frenzy that had previously captivated the market. 

CEO Ki Young Ju has remarked on a potential return to fundamental investing over speculative trading in meme-themed assets.

Memecoin dominance in alt markets is declining. – Source: @ki_young_ju

This shift is underscored by the decrease in meme coin market dominance since its peak in November 2022.

Shiba Inu’s Market Performance

Despite a brief rally in March 2024, where meme coin valuation hit $56 billion, it failed to approach the previous heights of market dominance. SHIB has mirrored this downturn, with its price plummeting approximately 80% from its peak in October 2021, and currently trades at just $0.000017—a near 30% drop in the last fortnight alone.

SHIB market cap currently at $10.5 billion. Chart: TradingView

Community Support and Outlook

Despite these challenges, SHIB remains among the top ten cryptocurrencies by market capitalization, supported by a robust community known as the SHIB Army. This group continues to promote the utility of Shiba Inu beyond its origins as a meme coin.

Source: CoinCodex

Price Predictions and Market Indicators

Looking forward, the outlook for SHIB isn’t particularly optimistic, with predictions suggesting a further decrease to $0.00001708 by mid-July 2024.

Key indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest a continuing downtrend, with the Average Directional Index (ADX) confirming a strengthening bearish momentum.

Source: Tradingview

Despite these indicators, the overall market sentiment remains relatively neutral, with the Fear & Greed Index at 53, reflecting a balanced view among investors.

The upcoming weeks will be crucial for Shiba Inu as it contends with both market volatility and evolving investor attitudes towards meme coins.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628