Robinhood moves 2.2 trillion Shiba Inu: Is the meme party over?

The crypto world has been turned upside down by a recent development surrounding Shiba Inu (SHIB). Robinhood, a leading trading platform, recently moved 2.2 trillion SHIB tokens, worth approximately $40 million. This action raises questions about the future of meme coins and the broader crypto market.

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Robinhood’s mysterious SHIB move

On June 20 moved Robinhood a huge amount of SHIB tokens. Although the platform is silent on the reason, Robinhood remains one of the largest holders of this digital asset with 44 trillion SHIB tokens. This suggests that there is still significant demand for SHIB among Robinhood’s customers.

Meme coins: passing trend or lasting phenomenon?

Despite Robinhood’s large SHIB stock, the hype surrounding meme coins appears to be waning. Ki Young Ju, CEO of research platform CryptoQuant, predicts a shift from “meme-based gambling” to more fundamental investments. This trend is reflected in the declining dominance of meme coins since their peak in November 2022.

SHIB’s share price falls

SHIB itself has been hit hard. The stock is down 80% from its all-time high in October 2021 and is currently trading around $0.000017. In the last two weeks alone, the price has fallen by 30%.

SHIB Army continues to believe

Despite the negative sentiment, SHIB remains popular. It still ranks among the top 10 digital assets by market capitalization, indicating a strong community. The dedicated SHIB Army also continues to believe in the future of the project and points out the application possibilities of SHIB beyond its status as a meme coin.

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