The post Dog Days Over? Robinhood Moves 2.2 Trillion Shiba Inu Amidst Cooling Meme Market appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is facing choppy waters. A recent colossal transfer by Robinhood, a leading crypto exchange, has given jitters to SHIB enthusiasts, raising questions about the future of meme coins. Robinhood’s Mysterious SHIB Shuffle 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. 🚨 🚨 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 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. Meme Coin Mania: Fading Fad Or Future Force? 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. 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. pic.twitter.com/H5d81mRIJB — Ki Young Ju (@ki_young_ju) June 19, 2024 SHIB market cap currently at $10.5 billion. Chart: TradingView 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…

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Filed under: News - @ June 22, 2024 7:20 pm