Shiba Inu has seen a strong rally over the past week as it attempts to recover from a recent price decline that followed a broader crypto market downturn. Despite this rebound, SHIB is currently trading below $0.000031.
Over the last seven days, SHIB gained roughly 50%, although it was pulling back by about 5.61% at the time of writing.
Shiba Inu price surge
A key driver behind SHIB’s recent spike was its listing on Foxbit, one of Brazil’s largest cryptocurrency exchanges. Foxbit serves more than 950,000 registered users, and the listing helped increase the token’s visibility among Brazilian traders.
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
The Foxbit announcement underscores SHIB’s growing popularity in Brazil. It follows Mercado Bitcoin’s December 2021 decision to list Shiba Inu on that country’s largest exchange, signaling increasing adoption among local platforms.
Following the Foxbit listing news, Shiba Inu briefly rose to become the fourth-largest coin by trading volume, reflecting heightened market interest.
Another factor supporting SHIB’s recent price movement was the reveal of the team’s metaverse ambitions. Last week the Shiba Inu project unveiled plans for the “Shibverse,” its intended metaverse initiative, which contributed to notable token price activity.
Despite the bullish momentum, some analysts warn the surge may be temporary. Crypto market analyst Norok, for example, expressed skepticism and suggested the rallies have repeatedly presented shorting opportunities.
“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.”
For now, market attention is focused on the development of the Shiba Inu metaverse ecosystem. If the Shibverse gains traction, it could drive further interest and potentially push SHIB to new highs as metaverse projects continue to gather momentum across the crypto space.