Shiba Inu price jumps 50% over the past week: What is fueling the rally?

Shiba Inu has experienced a tremendous rise over the past week as it tries to correct the recent price drop that resulted from the crypto market plunge. However, it is currently struggling below $0.000031.

SHIB has bounced back 50% over the last seven days despite its current pullback of about 5.61% by the time of writing.

Shiba Inu price hike

One of the factors attributed to the SHIB price jump is its listing on Foxbit, the top Brazilian crypto exchange. Foxbit platform has over 950,000 registered 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

The listing of Shiba Inu by Foxbit shows the growing popularity of the meme coin in Brazil since Foxbit is not the first of the Brazilian exchanges to list SHIB. In December 2021, Mercado Bitcoin, the country’s largest exchange announced that it had listed the meme coin.

After the news of the Foxbit listing, Shiba Inu jumped to become the 4th largest coin in terms of the trading volume.

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.

Despite the current Shiba Inu coin bullish outlook, some analysts are of the view that the uptrend could be short-lived. Norok, A crypto market analyst, is one of the skeptical analysts. He termed all the current uptrend as excellent short opportunities.

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.”

At the moment, all eyes are on the upcoming Shiba Inu metaverse ecosystem that is expected to propel the SHIB coin to new highs as the launch of metaverse projects gathers momentum within the crypto space.