Shiba Inu Scores Second Listing in Brazil With Foxbit

Oluwapelumi Adejumo
Updated: Feb 16, 2022, 17:18 UTC

The trading volume of popular meme coin, Shiba Inu, is about to rise as one of the leading crypto exchanges in Brazil, Foxbit, listed it today.

Shiba Inu Scores Second Listing in Brazil With Foxbit

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Shiba Inu has scored its second big listing on a Brazilian exchange after Foxbit started trading it. 

The listing doesn’t come as a surprise, given that the exchange announced a few days ago that it’d be listing the meme coin on February 16. 

Foxbit Lists Shiba Inu, Others

However, Shiba Inu wasn’t the only coin listed. The crypto exchange also listed Gala’s ecosystem native token (GALA), Fantom (FTM), and the native token of fast-rising NFT marketplace, LooksRare, (LOOKS).

Foxbit crypto exchange is based in São Paulo, Brazil, and has been in existence since 2014. The exchange has almost one million registered customers making it one of the biggest in the region. 

With the listing, Shiba Inu is now available for trading on two Brazilian exchanges. Brazil’s biggest exchange, Mercado Bitcoin, added Shiba Inu to its platform in December. Other crypto exchanges in Latin America like Bitso have also listed Shiba Inu. 

The listing had significant impacts on the cryptocurrency’s price action when it was first announced on February 09.

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

— Foxbit (@foxbit) February 9, 2022

After Foxbit tweeted the news, Shiba Inu was the 4th most traded cryptocurrency 24 hours after that. This followed an almost 70% rally in the week leading to that.

Shiba Inu Price Drops by Over 2% in 24 Hours

But the actual listing doesn’t appear to have impacted Shiba Inu’s price. In the last 24 hours, the value has dropped by 2.3% to $0.00003047. Its seven-day price action isn’t also that encouraging, its value has declined by 2.3% within that period too. 

This is in line with the general trend in the market where most crypto assets have dropped slightly in value. Presently, the overall market cap has fallen by 1.4%

However, this doesn’t necessarily mean the listing could not later positively affect the price. Generally, token listing on a new exchange means more people will have access to it, boosting its trading volume. 

While its prices might be down, over 435 million Shiba Inu tokens have been burnt in the last 24 hours. This is part of the Shib burn pledge by several businesses using Shib. 

Steven Cooper, the CEO of Bigger Entertainment, one of the companies part of the burn pledge, said that about 1 billion SHIB tokens would be burnt this week.

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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