Robinhood, a prominent crypto exchange, recently executed a notable transfer of 2.2 trillion SHIB (CRYPTO:SHIB) tokens, worth approximately $40 million, stirring curiosity among crypto watchers.
This transaction highlights Robinhood's substantial holdings of SHIB, positioning it as a major custodian of the meme coin, trailing only Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) in its portfolio size.
Despite this, SHIB's market value has been dwindling, currently trading at 3-month lows below its crucial support level of $0.000018.
Crypto analysts suggest that the era of meme coins may be waning, with a shift in investor sentiment towards more fundamental cryptocurrencies.
Ki Young Ju of CryptoQuant noted a decline in meme coin dominance, reminiscent of previous cycles when interest in these speculative assets peaked and receded.
Despite Shiba Inu's peak performance in March 2024, reaching $0.000044, it has since retraced significantly, reflecting an 80% drop from its all-time high in October 2021.