Shiba Inu (SHIB) is back to trading in the red after a brief respite over the weekend when the second most popular memecoin registered strong gains, but is sliding lower in keeping with the overall market’s trend. At the time of writing, SHIB/USD is trading at around $0.000020.

The entire crypto sector appears to be going through a sharp pullback, feeling the weight of leader Bitcoin falling under $40,000 and unable to rebound higher again. The fear of Fed hiking interest rates to offset inflation and uncertain regulatory climate are keeping investors wary about buying into digital assets lately, and despite promising developments, altcoins and memecoins have taken a hit.

On a supportive side, Shiba Inu is climbing up the charts and closing the gap with FTX Token (FTT) to reclaim its ranking as the top held coin among Ethereum whales. Thanks to its weekend bullish activity, the average amount of SHIB held by ETH whales stands at above $1.11 billion against FTT’s $1.35 billion.

Robinhood May Have Just Answered #WenSHIB

Meanwhile, another interesting development that could offer some hope to the SHIB Army – the memecoin’s loyal community online, is a recent update from leading crypto trading app Robinhood. At an event held by The Wall Street Journal last week, Robinhood’s CFO Jason Warnick hinted that the platform could look at offering Shiba Inu for trading only after more clarity on the regulatory landscape emerges.

#WenSHIB – the online petition to get the meme token listed on the app has been gaining considerable strength, gaining support from over 550k users till date. It now looks like the petitioners have received some confirmation from Robinhood on the interest in getting the coin listed once regulators shed more light on the future.

In a podcast over the weekend, Ethereum’s Co-founder Vitalik Buterin discussed how he burned 90% of the 500 trillion SHIB tokens that were sent to him by Shiba Inu’s creators. The net worth of the tokens burned stood at around $7 billion at the time and Buterin claimed that he undertook the move as he did not want to hold that high a level of power. The remainder of his holdings in SHIB were donated to the India Covid Crypto Relief Fund last year, worth around $1.2 billion.

SHIB/USD Technical Analysis

According to a recent analysis by IntoTheBlock, 50% of investors who have bought into Shiba Inu are currently losing money on their holdings. Around 39% remain in profit while the remaining 11% of SHIB holders are at breakeven point at present.

Technical analysis of the H4 price chart of SHIB/USD reveals a strong bearish bias among moving averages and the momentum indicator. Although, the MACD suggests some buying interest in the market too.

Shiba Inu is trading well under the pivot point at $0.000023 but for now, the immediate support at $0.000017 is holding up well. However, an uptick in selling pressure can see this level being tested, especially if the psychological level of $0.000020 breaks down.