Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is going through uneven waters. A contemporary colossal switch through Robinhood, a number one crypto change, has given jitters to SHIB fans, elevating questions on the way forward for meme cash.
Robinhood’s Mysterious SHIB Shuffle
Overdue on June twentieth, Robinhood transferred a staggering 2.2 trillion SHIB tokens, valued at kind of $40 million on the time. This maneuver has analysts scratching their heads, with some speculating it is usually a prelude to a bigger SHIB sell-off through the change.
🚨 🚨 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
Whilst Robinhood stays tight-lipped concerning the switch’s function, its present holdings paint an enchanting image. The platform boasts a whopping 44 trillion SHIB tokens, making it the third-largest maintaining in its virtual asset portfolio, best surpassed through giants like Bitcoin (BTC) and Ethereum (ETH). This immense SHIB stockpile suggests Robinhood is catering to a powerful buyer call for for the meme coin.
Meme Coin Mania: Fading Fad Or Long term Drive?
Then again, the outlook for meme cash like SHIB seems not up to rosy. CryptoQuant, a distinguished blockchain analysis platform, suggests the meme coin craze may well be waning. Ki Younger Ju, CryptoQuant’s CEO, predicts a shift in focal point from “meme-based playing” again to basics, very similar to developments noticed a couple of years in the past.
Memecoin dominance in alt markets is declining.
CT could be moving from playing to that specialize in basics, very similar to a couple of years in the past.
Pack it up lads, it’s over. %.twitter.com/H5d81mRIJB
— Ki Younger Ju (@ki_young_ju) June 19, 2024
This aligns with a broader decline in meme coin dominance. Ju issues to November 2022 as the height, highlighting a dramatic drop since. Whilst March 2024 introduced a glimmer of hope with a cycle height of $56 billion for meme cash, it wasn’t sufficient to reclaim the best-ever prime dominance.
SHIB itself displays this decline. The token reached a annually prime of $0.000044 in early March however has since plummeted a staggering 80% from its all-time height of $0.000086 in October 2021. As of as of late, SHIB trades at a meager $0.000017, down just about 30% in simply the remaining two weeks.
SHIB Military Remains Robust Regardless of The Downturn
Regardless of the bearish sentiment, SHIB keeps some certain facets. It stays a top-10 contender through world marketplace capitalization, signifying a powerful neighborhood presence. The devoted SHIB Military, as Shiba Inu fans name themselves, continues to champion the token’s software circumstances past its meme standing.
SHIB Value Forecast
In the meantime, in keeping with present Shiba Inu value predictions, the token is anticipated to say no through 5.16%, doubtlessly attaining $0.00001708 through July 22, 2024. Technical signs fortify this bearish outlook, with the Relative Energy Index (RSI) under 50, the MACD appearing a unfavorable development, and the ADX indicating a strengthening downtrend.
Regardless of the bearish forecast, the wider marketplace sentiment stays impartial with a Worry & Greed Index of 53. During the last 30 days, Shiba Inu has had 37% inexperienced days and 11.58% value volatility, suggesting important value fluctuations. Then again, the alignment of technical signs helps the prediction of a possible value decline.
Featured symbol from Flickr, chart from TradingView