Robinhoods 400000 Acquisition of SHIB Whats Next for the Price

Shiba Inu (SHIB), a meme cryptocurrency known as the “dogecoin killer,” is facing significant challenges. A massive transfer of 2.2 trillion tokens from Robinhood, valued at $399,454,000, has raised concerns among investors. This move has sparked speculation of potential large-scale selling. 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, CEO of CryptoQuant, predicts a shift from “meme-based gambling” to fundamentals. The dominance of memecoins in the alternative market is declining, similar to a few years ago. It’s time to pack up, folks, it’s all over. This trend is evident in SHIB’s performance, as it has dropped 30% from its peak in January 2022 and nearly 80% over the past two weeks. Despite these setbacks, SHIB remains the 11th largest cryptocurrency by market capitalization, largely due to its dedicated community known as the “SHIB Army.” Current predictions indicate further price declines, supported by bearish technical indicators. Overall market sentiment is neutral, and significant price volatility is expected.