Shiba Inu price jumps 50%, What has inspired this rise?

Shiba Inu saw a huge rise in value over the past week, as it tried to rectify the recent drop in price that was caused by the crypto market plunge. But, the current price is below $0.000031.

SHIB has rebounded 50% in the past seven days, despite its pullback of around 5.61% at the time of writing.

Price hike for Shiba Inu

The SHIB price rise can be attributed to its listing on Foxbit. Foxbit is the most popular crypto exchange in Brazil. Foxbit boasts over 950,000 customers.

Abram alas para o doguinho mais querido do universo cripto! 🐕

A gente também não esperava por isso, mas estamos assim 👉🥰
Shiba Inu está chegando na Foxbit!

A partir de 16/02 você já pode negociar Shiba Inu com a gente… Ansiosos? pic.twitter.com/ZL8jFxKsTs

— Foxbit (@foxbit) February 9, 2022

Foxbit has listed Shiba Inu. This is a sign of growing popularity for the meme coin in Brazil. Foxbit is not one of the first Brazilian exchanges that lists SHIB. In December 2021, Mercado Bitcoin, the country’s largest exchange announced that it had listed the meme coin.

Shiba Inu rose to 4th place in terms of trading volume after the Foxbit listing.

There is also last week’s news of Shiba Inu’s plans to join the metaverse world. The ‘Shibverse,’ which is the intended Shiba Inu metaverse project, was revealed on Tuesday last week resulting to s significant SHIB price movement.

Some analysts believe that the current bullish outlook for Shiba Inu coins could be temporary, despite the positive sentiment. Norok, a crypto market analyst is one of these skeptical analysts. He called all the uptrends in crypto market analysis excellent opportunities for short term.

Norok said:

“Each rally, far from being the fresh breath of hopium owners desire, has provided excellent short opportunities for months…’This one is a clear pullback to test and hold Resistance and a good opportunity to add to the short where profit was taken at the start of January.”

All eyes are currently on the Shiba Inu metaverse ecosystem, which is expected to propel SHIB coin to new heights as momentum builds within the crypto space.