Shiba Inu (SHIB) became the most traded token on WazirX in May 2024.
In just 24 hours, the number of new accounts on the network surged by 3,436%.
Top Indian cryptocurrency exchange Wazir PEPE). This notable performance highlights SHIB’s growing popularity among Indian cryptocurrency traders.
Shiba Inu topped the WazirX trading charts, reflecting its continued popularity. Following SHIB, Bob Token (BOB), a meme coin associated with the X-bot “Explain This Bob,” took the second spot. Pepe (PEPE), another meme coin, took the third spot, indicating its growing appeal among investors. Floki (FLOKI) and Bitcoin (BTC) rounded out the top five, occupying the fourth and fifth spots, respectively. Despite Bitcoin’s historical dominance in the cryptocurrency market, its trading volume on WazirX in May was lower than these emerging tokens.
Shiba Inu’s strong performance in May 2024 is not an isolated event. The token has been popular on WazirX, maintaining its position as the most traded token in April 2024. In December 2023, WazirX ranked Shiba Inu as one of its most traded tokens, with SHIB second only to Bitcoin. This continued trading activity shows that interest in SHIB is ongoing and strong, driven by community and market dynamics.
Market performance of Shiba Inu
Shiba Inu has seen a significant price increase in the past 24 hours, gaining more than 8%. The coin reached a daily high of $0.00002592, reflecting bullish sentiment in the market. The rise came after an intraday low of $0.00002365, indicating a significant recovery from its recent decline.
Market analysts including Bitcoin author Jason Williams are optimistic about the prospects of Shiba Inu. Williams said that a sharp rise could push the price of SHIB to $0.05, which means a sharp increase of 193,774% in the price of SHIB. Such a prediction highlights the potential for a substantial increase in the market value of Shiba Inu.
As previously reported by Crypto News Flash, analysts say that if Shiba Inu breaks through its current resistance level of $0.000027, it could rise to $0.000038. Additionally, an AI price prediction tool predicts that the coin will close the month at $0.000031. The memecoin market has seen impressive gains over the last month, with several tokens, including Shiba Inu, returning to price levels seen during the 2021 bull run.
Shibarium user engagement has increased significantly
Shibarium has been experiencing an unusually active period recently. According to Shibariumscan, the number of new accounts on the network has surged by 3,436% in just 24 hours. The number of new accounts increased from 30 to 1,031, reflecting a significant increase in user engagement.
Shibarium has also seen a significant increase in trading volume as the number of new accounts has increased. In the same 24 hours, the number of transactions on the network grew from 4,751 to 8,527, an 80% increase in transaction volume. The increase in transaction volume indicates that new users are actively participating in the network, thus enhancing the overall vitality of the network.
One potential reason for this surge could be related to the recent price movement of Shiba Inu’s native token, SHIB.
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