Shiba Inu Takes the Lead: Why India’s Traders Can’t Get Enough of SHIB
If you’re a cryptocurrency enthusiast, you’re probably no stranger to the wild world of meme coins. And this year, one coin has been making waves like no other: Shiba Inu (SHIB). Despite a recent price dip, SHIB has been on a tear, with its value skyrocketing by 115% year-to-date. But what’s behind its popularity, and could it be poised for another rally soon?
The Most-Traded Cryptocurrency in India
According to Kashif Raza, founder of crypto education platform Biting, SHIB has been the most-traded cryptocurrency in India this year, with a whopping 9% of local traders engaging with it. That’s a significant chunk of the market, especially when you consider that Bitcoin (BTC), Dogecoin (DOGE), and Tether (USDT) are all trailing behind. In fact, SHIB has even surpassed DOGE in terms of popularity, with around 5% of Indian HODLers (holders) including it in their portfolios.
Meme Coin Mania in India
But what’s driving this demand for SHIB in India? One possible explanation is the country’s growing interest in cryptocurrency. According to Raza’s research, Jalandhar is the Indian city with the most meme coin traders, with around 18% of traders in the northern town interacting with the niche. And it’s not just SHIB that’s popular – other meme coins like Pepe (PEPE) and FLOKI are also gaining traction.
SHIB Price Outlook: What’s Next?
So, what’s the outlook for SHIB’s price? Right now, it’s trading at around $0.00002223, which represents a 10% monthly decline. But despite this dip, there are a few factors that suggest SHIB could be poised for another bull run soon. One major development is the advancement of Shibarium, a layer-2 scaling solution that’s designed to foster the development of the Shiba Inu ecosystem. With over 700 million transactions processed on the protocol, Shibarium is showing serious promise.
The Power of Token Burning
Another factor that could contribute to SHIB’s next rally is its token-burning mechanism. By reducing the supply of SHIB, the team and community are making it more valuable (assuming demand doesn’t drop off). And it’s working – in the past 24 hours, the burn rate has increased by almost 50%, resulting in 27.4 million tokens destroyed. Since adopting the mechanism, over 410.7 trillion SHIB have been burned, leaving 584.1 trillion in circulation.
What’s Next for SHIB?
So, what’s next for SHIB? With its growing popularity in India and the advancement of Shibarium, it’s possible that we could see another rally soon. But as with any cryptocurrency, it’s impossible to predict the future with certainty. One thing’s for sure, though – SHIB is definitely a coin to watch in the coming months.
What do you think about SHIB’s prospects? Share your thoughts in the comments below!
Source: Cryptopotato.com
