In a notable transaction, Robinhood, a prominent American crypto exchange, transferred 2.2 trillion SHIB coins, valued at approximately $40 million, between hot wallets. This move comes as the dominance of meme coins, like Shiba Inu (SHIB), continues to decline, according to CryptoQuant's CEO, Ki Young Ju.

The transfer, spotted by Whale Alert, highlights Robinhood's significant holdings of SHIB, with the exchange currently holding 44.118T SHIB tokens, making it the third-largest digital asset in its portfolio. This substantial holding is likely a response to customer demand, as SHIB remains a popular meme coin.

However, the interest in meme coins seems to be waning, with CryptoQuant's CEO noting a shift in focus from gambling to fundamentals. The meme coin dominance in the altcoin sector has been declining since its peak in November 2022, with March 2024 being the most successful month for meme coins.

Despite this decline, Shiba Inu remains a top-10 contender by global market capitalization, with a vibrant community, known as the SHIB Army, showcasing various utility cases. The coin's value has fluctuated significantly, with a yearly high of $0.000044 on March 5, 2024, and a current price of $0.00001781, representing a steep decline of 29% over the past two weeks.

The transfer by Robinhood and the decline of meme coin dominance have sparked interesting discussions in the crypto community. While some see this as a sign of a fading meme coin madness, others believe that fundamentals will drive the market's focus in the coming years.

As the crypto landscape continues to evolve, the shift in focus from meme coins to fundamentals may signal a new era for the market. Whether SHIB and other meme coins will regain their former glory or new players will emerge remains to be seen.