Robinhood Shuffles 2.2T SHIB Upon Fading Meme Coin Dominance

Robinhood makes waves with the 2.2T SHIB shuffle between wallets, but why is SHIB’s price lagging behind?

Shiba inu wearing a robinhood hat coming out of a natural green land from a mobile to a defi digital land.
Created by Kornelija Poderskytė from DailyCoin
  • American crypto exchange Robinhood shifts nearly $40M between hot wallets.
  • CryptoQuant’s CEO draws attention to tumbling meme currency dominance.
  • Shiba Inu (SHIB) continues to hit 3-month lows below $0.000018 support.

Robinhood, the popular American retail crypto exchange, has piqued the interest of crypto’s whale tracking agencies due to an unusually large transfer of 2,200,000,000,000 SHIB coins in the late hours of Thursday, June 20, 2024. Initially spotted by Whale Alert, the massive on-chain transfer was valued at $39,945,400 at stamped transaction time.

As Robinhood is one of the top five largest Shiba Inu custodians, the current status of its publicly available crypto wallet shows a tremendous 44.118T SHIB tokens being held as the third largest digital asset in its portfolio. Only falling behind Bitcoin (BTC) and Ethereum (ETH), the magnitude of Robinhood’s SHIB holdings is likely answering the trading demand exhibited by the platform’s customers.

Is Memecoin Madness Coming to a Halt?

Crypto analysts believe that the general interest in meme coins is starting to fade away, according to CryptoQuant. The blockchain research platform’s CEO, Ki Young Ju, declared, “Crypto Twitter would be shifting from gambling to focusing on fundamentals, similar to a few years ago.”

Drawing attention to memecoin decline in the overall alternative cryptocurrency landscape, CryptoQuant’s CEO refers to November 2022, when meme coin dominance in the altcoin sector had reached its all-time peak. “Pack it up lads, it’s over,” concludes Ki Young Ju. 

However, it’s worth noting that March 2024 was doubtlessly the most successful month for meme coins, with the cycle peak reaching $56 billion, even though the meme coin department has never reclaimed the highest ratio hit in November 2022.

While Shiba Inu recorded a yearly high of $0.000044 on March 5, 2024, the retracement since this milestone distances SHIB 80% from its all-time peak of $0.00008616, claimed on October 28, 2021. As of press time, SHIB is changing hands at $0.00001781, succumbing to a steep decline of 29% over the past two weeks.

On the Flipside

  • Despite Robinhood’s massive 2.2T SHIB transaction, the #13-ranked meme coin plunged by over 75% in combined orders on Spot markets over the past 24 hours.

Why This Matters

Shiba Inu is a top-10 contender by global market capitalization, showcasing a wide selection of utility cases for the vibrant community known as the SHIB Army.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.