Shiba Inu (SHIB) has slid lower after soaring in early trading on Thursday, after briefly surging past the original memecoin Dogecoin to become the seventh largest cryptocurrency in terms of market cap. At the time of writing, SHIB/USD is trading around $0.000071, up by over 150% in the past week alone.

Conceived as the Dogecoin killer, Shiba Inu has certainly lived up to its name as its rally makes it one of the top 10 most valuable cryptocurrencies by market cap, moving from the 11th position to the eighth. It also went on to overtake other leading players in the market, including Polkadot (DOT) and USD Coin (USDC).

What’s Behind The Rally in Shiba Inu?

The high levels of engagement by the Shib Army, as its online community is called, is the key reason behind its surge. Although, the rally in SHIB has weakened somewhat, possibly on profit-taking and with market leader Bitcoin making bearish moves and sliding under the key $60,000 mark.

One of the key reasons behind the bullishness could be rising interest in trading SHIB among more serious crypto investors who previously wrote off the coin as a joke with no real value. In recent sessions, ever since Shiba Inu’s price started climbing higher, there has been an increase in the number of whales conducting transactions in SHIB, supporting its latest rally.

Data from blockchain firm Nansen reveals an increase in the number of traders with ‘smart money’ addresses buying up SHIB tokens in the market, contributing to a trading volume of around $160 million. The ‘smart money’ addresses belong to successful and serious crypto traders who have earned over $100,0000 by providing and mining liquidity in DeFi protocols. Another leading analytics firm Santiment has also noted that SHIB whale transactions have been rising steadily since the beginning of this month, going in line with the ongoing rally and keeping Shiba Inu coin’s price supported.

Will Robinhood List SHIB?

Meanwhile, the successful rally in Shiba Inu has increased the demand to get the cryptocurrency listed on popular trading app Robinhood. Yesterday, we told you about how the online petition on Change.org to get SHIB listed on the platform had garnered over 3,30,000 signatures – the figure has crossed 3,81,000 now, mostly from the SHIB Army. Latest data suggests that users of Robinhood’s app are also increasingly joining the campaign, suggesting high level of interest in trading the crypto which could keep its price supported.

SHIB/USD Technical Analysis

On the H4 price chart of SHIB/USD, moving averages along with leading technical indicators MACD and momentum are exhibiting a strong bullish bias. Shiba Inu’s price remains well above the pivot point which sits at $0.000035.

In addition, SHIB is holding above two resistance levels at $0.000044 and at $0.000053. A build-up of buying pressure can see the memecoin target the next resistance at $0.000072.