Shiba Inu, the world’s second-largest meme coin, has risen to prominence on India’s top exchanges, surpassing Bitcoin (BTC) in trading activity.
This surge in Shiba Inu’s popularity comes amidst a growing trend among Indian crypto investors to favour alternative cryptocurrencies over traditional ones like Bitcoin and Ethereum.
In a Tuesday post on X, WazirX, India’s largest crypto exchange, shared insights into the top-traded coins on its platform for March 2024. The post revealed Shiba Inu’s dominance over other popular tokens like Bitcoin, PEPE, FLOKI, and DOGE.
This latest achievement comes just two weeks after WazirX highlighted a poll on X showcasing SHIB’s strong community support. In the poll, out of the eight largest meme cryptocurrencies by market capitalization, SHIB emerged as the clear winner, with 48.3% of the votes, followed by Dogecoin (DOGE) at 39.7%. This resounding endorsement from the crypto community further cemented Shiba Inu’s status as the preferred choice among Indian investors, solidifying its position in the market.
That said, the meteoric rise of Shiba Inu in India’s crypto scene is notable, especially considering the country’s stringent tax regulations on cryptocurrencies. Despite the regulatory challenges, Shiba Inu has captured the attention of Indian traders, commanding a significant portion of the overall trading activity on leading exchanges such as WazirX, CoinDCX, and Zebpay.
Notably, several factors contribute to Shiba Inu’s appeal to Indian investors, including disappointing performances in traditional stock markets and the devaluation of the Indian rupee. These conditions have incentivized many Indians to explore alternative asset opportunities within the crypto market. Shiba Inu is a favoured choice due to its perceived potential for high returns.
SHIB’s recent surge in popularity can also be attributed to several key projects and associated meme coins that have fueled further interest in the meme token. Developments such as Shibarium, a layer-two blockchain solution, and associated meme coins like BONE, LEASH, WOOF, and DAMN, have generated significant buzz in the crypto community.
Despite these positive developments, SHIB has faced some challenges. Other crypto assets, including Bitcoin, traded lower on Tuesday as investors booked profits. However, SHIB’s remarkable performance in late February and mid-March cannot be ignored. The coin smashed previous records and attained an unprecedented high of $0.000045, with its trading volume peaking at $16 billion on March 5 as pundits continue to envision the highly-coveted $0.001 price level for SHIB.
At press time, SHIB was trading at 0.00002636, reflecting a 6% drop over the past 24 hours.
