The meme cryptocurrency Shiba Inu (SHIB), also known as the “Dogecoin killer,” is facing a significant challenge. A massive transfer of 2.2 trillion tokens has raised concerns among investors. The transfer, worth $39,945,400 USD, was made from Robinhood to an unknown wallet on June 20, 2024. This move has sparked speculation of a potential large-scale sell-off. Robinhood currently holds 44 trillion SHIB tokens, indicating strong customer demand. However, the popularity of meme coins like SHIB appears to be waning. Ki Yong Ju, the CEO of CryptoQuant, predicts a shift from meme-based gambling to fundamentals. Memecoins’ dominance in the alternative market is declining. Cryptotwitter (CT) is transitioning from gambling to a focus on fundamentals, similar to a few years ago. It’s time to wrap things up, folks. This trend is evident in SHIB’s performance, which has dropped 30% from its peak in January 2021 and nearly 90% in the past two weeks. Read more: [image] Four cryptocurrencies to avoid next week. Despite these setbacks, SHIB still holds the 11th position in the cryptocurrency market cap rankings, largely due to the dedicated community known as the “SHIB Army.” Current predictions show further price decline, with technical indicators reinforcing this bearish outlook. Overall market sentiment is neutral, and significant price fluctuations are expected. [image]
