This week has been quite eventful in the crypto market. While Bitcoin and Ethereum struggled to maintain their new resistance levels, memecoins were bursting the charts with massive gains as high as 300% in 72-hour price charts. In the same vein, the market woke up to the news on March 11, 2024, that 332 billion Shiba Inu ($SHIB) tokens have been transferred to Robinhood.
While this particular transfer was unexpected, $SHIB whales have generally been very active in the market in the last 30 days. It’s possible that some of these whales had insider knowledge, or at the very least were able to predict that the meme market was on the verge of a big dump. While we speculate about what the transfer may indicate, the market is buzzing with excitement as $GFOX inches closer to its $5 million sales mark.
What’s the significance of the 332 billion SHIB transfer?
The crypto market was struck by the news of $SHIB’s massive token transfer. In response, there has been multiple speculations about the implications of such transfers. The transfer involved 332,427,690,902 SHIB tokens worth $10,858,584. The tokens were moved from Cumberland, a platform for institutional investors, to an unknown wallet with the description “Robinhood.”
Analysts have proposed several possible explanations for this transfer. Some suggest that it is part of a broader trend of institutional interest in $SHIB, with Robinhood increasing its holdings of $SHIB. Others say it is a whale preparing for a major market play, and may have had an effect in this most recent market dump that saw memes down by double-digits. $SHIB was down by over 13% at the time of writing.
The 332 billion token transfer is, however, not the only transfer of $SHIB that has happened in the last week. Market data suggests that there have been millions of $SHIB transfers to Robinhood in the last 7 days. Some analysts have suggested that Robinhood is accumulating more $SHIB tokens to meet the growing demand of its users. The platform’s data proves that it currently holds about 40 trillion SHIB tokens, which is 4 trillion more than it did in January 2024.
Despite Robinhood being in the spotlight, it is not the only platform where $SHIB transactions have increased. There are reports that Crypto.com has also increased its SHIB holdings. Analysts have hinted that these increased transactions are not solely due to an increase in $SHIB’s adoption but also a parabolic price surge, and that investors are already positioning themselves for potential future price surges.
Currently, $SHIB has a market cap of $18.25 billion. It is trading at $0.00003, following a 300% price surge last week. There is, however, no consensus on $SHIB’s future price potential. Some analysts have suggested that if the token loses its $0.000033 support level, the trend could turn bearish. Some have speculated that the bullish run will continue with $SHIB rising as high as $0.000052 because of its current undervalued price. According to the latter group, the token is inching closer to the $0.000038 resistance level, and it could trigger a 40% bullish breakout.
While analysts continue to speculate about $SHIB, hybrid token $GFOX is heading to new frontiers with $5 million in sales in view.
Is GFOX a safer alternative?
Galaxy Fox is a pioneering cryptocurrency with elements of memecoins, a play-to-earn model, deflationary tokenomics, NFTs, and utility. The network distinguishes itself as a reputable Web3 gaming currency with huge profit potential for early investors.
Galaxy Fox runs a play-to-earn model through its runner game. Players who rank in the top 20% on the leaderboard each season are rewarded with prizes that can be exchanged for $GFOX tokens.
Galaxy Fox has a line of 3,000 NFTs that are exclusive to token holders. These NFTs are prize pool investment tools with gaming utility.
One feature that has drawn the attention of investors to $GFOX’s presale is its unique tokenomics model. Token holders can stake their $GFOX tokens and become shareholders. The Stargate module also collects 2% of all transaction fees and rewards them to token holders. This provides multiple opportunities for token holders to earn passive income.
Galaxy Fox also runs deflationary tokenomics to periodically decrease its supply time. This scarcity will increase the value and price of $GFOX.
Having garnered over $4.5 million in sales in less than six months, some analysts are predicting that $GFOX will become one of the top memecoins in 2024. With the token inching closer to $5 million in sales, $GFOX has convinced many crypto investors that it is the best token to invest in right now.
Final Thoughts
The recent massive transfers of $SHIB tokens are an indication of investors’ growing interest in memecoins. With tokens like $GFOX offering an interesting meme culture, play-to-earn web3 games, NFT rewards, and huge price potentials, more investors are throwing their weight behind memecoins. You can join the community of users today to increase your potential profit.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
The post 332 Billion $SHIB Hit Robinhood Exchange Just Before Major Dump; $GFOX Closes In On $5 Million appeared first on CoinJournal.
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