The Shiba Inu coin, popularly known as the Meme coin, is on the rise in the crypto industry. Traders who are bullish about its future now have a reason to be optimistic as it secures its second listing in Brazil.
Foxbit now enables its registered users to trade SHIB. However, the prices of Shiba Inu continue to plummet despite getting the second listing.
SHIB Scores Another Listing
Prices for SHIB currently stand at $0.000032, down by 2.24% in the past seven days. This Shiba Inu coin price prediction estimates that the value will touch the mark of $0.0000623 in the fourth quarter of 2022.
Shiba Inu coin’s price comes into the picture as many traders expected it to soar after Foxbit announced on Twitter that it would list the digital coin on the platform on February 16, 2022. The price, as a matter of fact, did perform well for the next 24 hours after Foxbit broke the news on Twitter.
However, Shiba Inu then joined the declining trend of the overall crypto market. A fall of 1.4% has already been recorded in the total market capitalization of the crypto industry.
Experts, therefore, believe that the fall in the price of Shiba Inu is in line with the market trend. They clarified that merely getting listed on a platform does not guarantee a rise in the price. Getting listed on a platform only gives access to more people and increases the trading volume of a particular cryptocurrency.
Shiba Inu’s prices have fallen, but the trading volume has gone to $908,559,736.
Prices are expected to rise as there is a plan in place to burn Shiba Inu tokens. As of now, approximately 435 million Shiba Inu tokens have been burnt in the past 24 hours. Steven Cooper, the Chief Executive Officer of Bigger Entertainment, stated that around 1 billion more Shiba Inu tokens had been lined up for burning in the coming week.
Burning Shiba Inu tokens is a part of the Shib Burn Pledge. A digital token is normally burnt to keep the trading prices under control. Since it reduces the number of tokens in circulation, the prices automatically go up.
Other digital tokens that got listed on Foxbit with the Shiba Inu coin were GALA – native token of Gala ecosystem, FTM – Fantom, and LOOKS – a native token of LooksRare.
Details about these tokens are yet to be published, but according to the available data, Shiba Inu became the fourth most traded cryptocurrency 24 hours after Foxbit announced that it would list Shiba Inu on the platform.
In addition to Foxbit, Shiba Inu is also listed on Mercado Bitcoin in Brazil. Mercado Bitcoin listed Shiba Inu in December 2021.
Foxbit is a crypto exchange platform that is based in Sao Paulo, Brazil. It currently has more than 1 million registered users.
Shiba Inu is also listed on Bitso, a crypto exchange platform based in Latin America.