Shiba Inu (SHIB) Shines as Rumors of Robinhood Listing Bring Back Buyers
Shiba Inu (SHIB) seems to be bouncing back. seeing a spike of buying activity since the previous session over rumors on social media that popular crypto trading app Robinhood could be listing the memecoin by as soon as next month. At the time of writing, SHIB/USD is trading around $0.000031.
Shiba Inu has managed to overcome quite a bit of bearish pressure amid a decline in investor confidence under the key $0.000030 mark. Although the rumors about Robinhood adding SHIB among its offerings soon did help SHIB overcome this level, it still looks fragile as it trades very close to this level.
Are Investors Losing Interest in Shiba Inu?
The second largest memecoin has also been facing stiff competition from new meme tokens that have entered the market recently, attracting more attention from smaller crypto investors. One such coin that has been stealing the spotlight lately is Alien Shiba Inu (ASHIB) that rallied by over 500% in 24 hours a few days ago.
Shiba Inu’s weak price action could also be the result of declining interest in the crypto among whales or large holders. The SHIB token lost its position as the biggest token position by dollar value to FTX Token (FTT) in the previous session, sliding down to the third position among the top 10 holdings of ETH whales.
The interest in the coin – one of the key drivers of price action in memecoins, has seen a steady decline over the past three months barring a sharp spike in late October. According to Google Trends, terms such as “Shiba Inu coin” and “Shiba Inu” have been seeing lower levels of activity and interest in online searches.
SHIB/USD Technical Analysis
On the 4-hour chart of SHIB/USD, almost all moving averages and the MACD are suggesting a strong bullish bias among investors. However, the 200 EMA as well as the momentum indicator point to some selling interest.
Shiba Inu’s price has crossed the pivot point at $0.000029 and it seems to be undergoing some consolidation for now. The next key level to keep an eye on is the immediate resistance at $0.000032.
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