Shiba-inu (SHIB), the self-proclaimed “dodgecoin killer,” is dealing with some troubled instances. The latest colossal transfer by Robinhood, a number one crypto trade, has baffled SHIB lovers, elevating questions on the way forward for meme cash.
Mysterious SHIB Robinhood’s Shuffle
Late at night time on June twentieth, Robinhood transferred a staggering 2.2 trillion SHIB tokens, valued at round $40 million on the time. The maneuver has left analysts scratching their heads, with some suggesting it might be a prelude to an even bigger SHIB sell-off on the inventory market.
🚨 🚨 2,200,000,000,000 #SHIB ($39,945,400) transferred from #Robin Hood to an unknown pockets https://t.co/PI39McZERl
— Whale Alert (@whale_alert) June 20, 2024
Though Robinhood is tight-lipped about switch targets, its present inventory paints an attention-grabbing image. The platform boasts a whopping 44 trillion SHIB tokens, making it the third-largest holding in its digital asset portfolio, behind solely giants like Bitcoin (BTC) and Ethereum (ETH). This enormous provide of SHIB reveals that Robinhood is assembly excessive buyer demand for the meme coin.
Meme Coin Mania: Fad or Future?
Nonetheless, the prospects for meme cash like SHIB don’t look very rosy. CryptoQuant, a outstanding blockchain analysis platform, means that the meme coin craze could also be waning. Ki Yong-joo, CEO of CryptoQuant, predicts a shift in focus from “meme-based playing” again to fundamentals, much like traits seen a number of years in the past.
Memecoin’s dominance in various markets is waning.
CT will transfer away from playing to concentrate on fundamentals prefer it did a number of years in the past.
Pack it up guys, it is over. pic.twitter.com/H5d81mRIJB
— Ki Younger Ju (@ki_young_ju) June 19, 2024
This coincides with a broader decline within the dominance of meme cash. Zhu factors to November 2022 as the height, highlighting the sharp drop since then. Whereas March 2024 supplied a glimmer of hope with a cycle peak of $56 billion for meme cash, it was not sufficient to regain its all-time excessive dominance.
SHIB itself displays this decline. The token hit a one-year excessive of $0.000044 in early March, however has since plummeted by a staggering 80% from its all-time peak of $0.000086 in October 2021. As of at this time, SHIB is buying and selling at a paltry $0.000017, down practically 30% in simply the previous yr and two weeks.
The SHIB military stays sturdy regardless of the downturn
Regardless of the bearish sentiment, SHIB retains some optimistic facets. It’s nonetheless ranked within the high 10 by world market capitalization, indicating a powerful presence locally. The SHIB Particular Military, as Shiba Inu lovers name themselves, continues to champion helpful makes use of for the token past its meme standing.
SHIB Worth Forecast
In the meantime, based on present Shiba Inu worth forecasts, the token is anticipated to say no by 5.16%, probably reaching $0.00001708 by July 22, 2024. Technical indicators assist this bearish forecast: the Relative Power Index (RSI) is beneath 50, reveals the MACD. a adverse development, and the ADX signifies a strengthening downtrend.
Regardless of the bearish outlook, broader market sentiment stays impartial with a fear-greed index of 53. Over the previous 30 days, Shiba Inu had 37% inexperienced days and 11.58% worth volatility, indicating vital worth volatility. Nonetheless, the alignment of technical indicators helps the forecast of a possible worth decline.
Picture from Flickr, chart from TradingView