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

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.

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.