Shiba Inu Tops a Prestigious Ranking in India: Details

SHIB Leads the Pack

Despite the most recent correction, 2024 has been highly successful for meme coins, many of which experienced substantial price gains. One example is Shiba Inu (SHIB), the valuation of which has skyrocketed by 115% year-to-date (YTD). 

The impressive resurgence could be one reason why the self-proclaimed Dogecoin-killer has increased its popularity across the globe. Most recently, Kashif Raza (founder of the crypto education platform Bitinning) revealed that SHIB had been the most-traded cryptocurrency in India this year. 

Approximately 9% of the local traders have dealt with it, while Pepe (PEPE) ranks second with 8%. Bitcoin (BTC), Dogecoin (DOGE), and Tether (USDT) follow up next.

Raza further maintained that around 5% of the Indian HODLers have included SHIB in their portfolios. DOGE is the leader in this ranking with 8%. 

According to the research, Jalandhar is the Indian city with the most meme coin traders. In 2024, roughly 18% of the traders residing in the northern town interacted with the niche. 

The strongest month for SHIB this year was March when the price jumped to a two-year high. Back then, it became the most-traded digital asset on India’s leading crypto exchange, WazirX, surpassing BTC, PEPE, FLOKI, and DOGE.