Robinhood Moves SHIB for $40M - What's Next for Price?

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Cryptodnes2024/06/24 00:37

By:Cryptodnes

The meme cryptocurrency Shiba Inu (SHIB), dubbed the "Dogecoin killer," faces significant challenges.

Massive transfer of 2.2 trillion tokens shib from Robinhood, valued at $40 million, has raised concerns among investors.

The move has led to 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 seems to be waning.

CryptoQuant CEO Ki Yong Ju predicts a shift from “meme-based gambling” to fundamentals.

This trend is evident in the performance of SHIB, which is down 80% from its peak in October 2021 and is down nearly 30% in the past two weeks.

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Despite these setbacks, SHIB remains in the 11th position in the cryptocurrency market capitalization rankings, largely thanks to the project's dedicated community known as the “SHIB Army”.

Current forecasts suggest a further decline, with technical indicators reinforcing this bearish outlook. Overall market sentiment is neutral, with significant price volatility expected.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2025/02/11 04:33