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India’s crypto market is buzzing with meme coins like Shiba Inu and Dogecoin taking center stage. Let’s dive into the latest updates:
Shiba Inu Surpasses Bitcoin and Dogecoin in Trading Volume 🚀
Shiba Inu (SHIB) is now the most traded token on CoinSwitch, one of India’s largest crypto exchanges. Here’s a snapshot:
9% of users (1.8 million) are trading SHIB.
Comparatively, Dogecoin, Bitcoin, and Pepe are traded by 6%–8% of users.
This shift is driven by India’s younger investors
72% of traders on CoinSwitch are under 35.
Most trading happens at night, between 9 PM and 11 PM.
11% of users are women, showing increasing diversity in crypto investments.
Dogecoin Still Dominates Holdings 🐶📈
Despite SHIB’s trading surge, Dogecoin (DOGE) leads in user holdings:
8% of CoinSwitch users (1.6 million) hold DOGE.
Bitcoin follows with 7%, and Ethereum, Shiba Inu, and Cardano trail with 6%, 5%, and 4%, respectively.
Meme coins like DOGE and SHIB attract attention worldwide, including from serious investors looking for long-term gains.
Shiba Inu’s Token Burn Rate Skyrockets 🔥
Shiba Inu is gaining strength with a huge burn rate increase:
Over 20.9 million SHIB tokens were burned in one day, a 2,200% spike.
This burn aims to reduce supply and boost long-term value
The Shibarium network also shows growth, with daily transactions jumping from 4.51 million to 4.74 million. Additionally:
Large SHIB transactions rose by 169.9% in 24 hours.
A massive transfer of 2.88 trillion SHIB by BtcTurk highlights growing whale activity.
Will SHIB Flip DOGE? 📊
Shiba Inu might challenge Dogecoin’s dominance. Technical indicators suggest:
SHIB’s RSI (Relative Strength Index) is at 41, hinting at a potential price rebound.
Traders are seeing this as a buying opportunity.
While SHIB’s trading volume is soaring, DOGE’s strong community and wide adoption keep it at the top. Both tokens continue to drive India’s growing interest in cryptocurrencies.
Stay tuned for more updates in the world of meme coins! 🌟
#BTC #shiba⚡ #Dogecoin #Ethereum #Binance