Mumbai, India – Shiba Inu, the world’s second-largest meme coin, has seen a surge in popularity on India’s leading exchanges, surpassing Bitcoin in trading activity. Indian crypto investors are increasingly favoring alternative cryptocurrencies like Shiba Inu over more traditional options such as Bitcoin and Ethereum.
According to insights shared by WazirX, India’s largest crypto exchange, Shiba Inu has dominated the top-traded coins on its platform for March 2024. The coin has outperformed other popular tokens like Bitcoin, PEPE, FLOKI, and DOGE, showcasing its strong presence in the Indian crypto market.
This rise in Shiba Inu’s popularity follows a recent poll conducted by WazirX, where SHIB emerged as the clear favorite among the top meme cryptocurrencies by market capitalization, receiving 48.3% of the votes. This overwhelming support from the crypto community has solidified Shiba Inu’s position as the preferred choice among Indian investors.
Despite strict tax regulations on cryptocurrencies in India, Shiba Inu has managed to capture the attention of traders in the country, dominating trading activity on leading exchanges such as WazirX, CoinDCX, and Zebpay. The coin’s appeal to Indian investors can be attributed to factors such as underperforming stock markets and the devaluation of the Indian rupee, pushing many to explore alternative assets like Shiba Inu in search of higher returns.
The recent surge in popularity of SHIB can also be linked to the development of key projects and associated meme coins within the ecosystem. Projects like Shibarium, a layer-two blockchain solution, and meme coins like BONE, LEASH, WOOF, and DAMN have generated significant interest among the crypto community.
While SHIB has faced some challenges amid a broader market downturn, the coin’s impressive performance in late February and mid-March cannot be overlooked. With a record high of $0.000045 and a peak trading volume of $16 billion on March 5, SHIB continues to strive towards the coveted $0.001 price level as traders remain optimistic about its future prospects.
As of the latest update, SHIB is trading at 0.00002636, reflecting a 6% drop in the past 24 hours. Despite fluctuations in the market, Shiba Inu’s strong community support and innovative projects continue to drive its momentum in the Indian crypto scene.