---
title: "Dog Days Over? Robinhood Moves 2.2 Trillion Shiba Inu Amidst Cooling Meme Market"
url: https://diffcoin.com/dog-days-over-robinhood-moves-2-2-trillion-shiba-inu-amidst-cooling-meme-market/
description: "Shiba Inu (SHIB), the self-proclaimed \"Dogecoin Killer,\" is facing choppy waters. A recent colossal transfer by Robinhood, a leading crypto exchange, has"
published: 2024-06-22
updated: 2024-06-22
author: "Mila"
site: "Diffcoin"
---

# Dog Days Over? Robinhood Moves 2.2 Trillion Shiba Inu Amidst Cooling Meme Market

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](https://twitter.com/hashtag/SHIB?src=hash&ref_src=twsrc%5Etfw) (39,945,400 USD) transferred from [#Robinhood](https://twitter.com/hashtag/Robinhood?src=hash&ref_src=twsrc%5Etfw) to unknown wallet
> 
> — Whale Alert (@whale_alert) [June 20, 2024](https://twitter.com/whale_alert/status/1803905154766320108?ref_src=twsrc%5Etfw)

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](https://t.co/H5d81mRIJB)
> 
> — Ki Young Ju (@ki_young_ju) [June 19, 2024](https://twitter.com/ki_young_ju/status/1803477650071015734?ref_src=twsrc%5Etfw)

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 cycle peak of $56 billion for meme coins, it wasn’t enough to reclaim the all-time high dominance.

SHIB itself reflects this decline. The token reached a yearly high of $0.000044 in early March but has since plummeted a staggering 80% from its all-time peak of $0.000086 in October 2021. As of today, SHIB trades at a meager $0.000017, down nearly 30% in just the last two weeks.

### **SHIB Army Stays Strong Despite The Downturn**

Despite the bearish sentiment, SHIB retains some positive aspects. It remains a top-10 contender by global market capitalization, signifying a strong community presence. The dedicated SHIB Army, as Shiba Inu enthusiasts call themselves, continues to champion the token’s utility cases beyond its meme status.

Source: CoinCodex

### **SHIB Price Forecast**

Meanwhile, according to current Shiba Inu price predictions, the token is expected to decline by 5.16%, potentially reaching $0.00001708 by July 22, 2024. Technical indicators reinforce this bearish outlook, with the Relative Strength Index (RSI) below 50, the MACD showing a negative trend, and the ADX indicating a strengthening downtrend.

Despite the bearish forecast, the broader market sentiment remains neutral with a Fear & Greed Index of 53. Over the past 30 days, Shiba Inu has had 37% green days and 11.58% price volatility, suggesting significant price fluctuations. However, the alignment of technical indicators supports the prediction of a potential price decline.

*Featured image from Flickr, chart from TradingView*

[Source link](https://bitcoinist.com/robinhood-moves-2-2-trillion-shiba-inu/)