Mumbai, India – Shiba Inu, the prominent meme coin and a favorite among Indian crypto traders, has recently seen a surge in popularity on key exchanges in India, outperforming well-established cryptocurrencies like Bitcoin. This rise in Shiba Inu’s trading activity reflects a growing trend among Indian investors who are showing a preference for alternative digital assets over traditional ones such as Bitcoin and Ethereum.
According to a recent report from WazirX, India’s largest crypto exchange, Shiba Inu has emerged as one of the top-traded coins on the platform for the month of March 2024. The coin’s dominance was evident as it surpassed other popular tokens like PEPE, FLOKI, and DOGE in terms of trading volume and activity.
This milestone for Shiba Inu follows closely on the heels of a poll conducted by WazirX that showcased the strong community support for SHIB. In the poll, which featured the eight largest meme cryptocurrencies by market capitalization, Shiba Inu secured the top spot with 48.3% of the votes, solidifying its position as a preferred choice among Indian crypto enthusiasts.
Despite facing regulatory challenges in India’s crypto market, Shiba Inu continues to attract attention from traders, commanding a significant share of the trading activity on leading exchanges in the country. Factors such as underperforming traditional stock markets and the devaluation of the Indian rupee have motivated many Indian investors to explore alternative assets like Shiba Inu for potential high returns.
The rising popularity of SHIB can also be attributed to its associated projects and meme coins, including Shibarium, a layer-two blockchain solution, and tokens like BONE, LEASH, WOOF, and DAMN, which have generated excitement within the crypto community. Although SHIB faced some challenges due to profit-taking by investors that led to a slight drop in trading value, its performance in late February and mid-March was remarkable, reaching record highs and gaining significant trading volume.
Currently, SHIB is trading at 0.00002636, reflecting a 6% decrease over the past 24 hours. Despite this slight dip, the coin’s overall performance and growing popularity among Indian traders indicate a promising outlook for Shiba Inu in the country’s crypto market.