Meme token Shiba Inu has cemented its position in the Indian crypto market. The altcoin defied expectations to outshine established crypto projects such as Ripple (XRP) and Ethereum (ETH) as it emerged as the 2nd most-traded crypto on the WazirX exchange.
“🚀 Shiba Inu dominance soaring! 🐕📈 Surpassing ETH and XRP, Shiba Inu claims the throne as the most traded coin on India’s largest exchange. The #SHIB fever is taking the crypto world by storm! 🌐💥 #ShibaInu #CryptoTrading”
— Traliciaa (@traliciaaa) December 31, 2023
WazirX’s 2023 report highlights Shiba Inu’s outstanding performance. It showed that the loyal followers, the Shiba Army, have been vital in the project’s success. SHIB has even outpaced Dogecoin (DOGE), the original canine-themed cryptocurrency.
Shiba’s rising prominence in India
Shiba Inu could have emerged as the best digital coin for Indian crypto traders due to various reasons. The altcoin’s affordability and accessibility make it a lucrative option for early investors, perfect for cost-oriented economies like India.
Also, the Shiba Inu meme appeal attracts young tech-savvies in India. Further, the project’s dedication to ecosystem developments (as it looks for heightened utility) triggered expectations of astronomical gains – a focal point for many investors in any emerging economy.
India’s crypto market
India has one of the most dynamic markets for virtual coins. It rose to be the second-largest crypto market globally despite high taxes.
Moreover, it has recently increased scrutiny of the market. The country labeled cryptocurrencies as gambling tools before blocking access to leading exchanges, including Binance.
India Blocks Binance and Other Major Offshore Exchanges Over Non Compliance
— Bradicoin (@Bradicoin10) December 31, 2023
Nevertheless, the Indian cryptocurrency market continues to evolve, and Shiba Inu’s current popularity showcases the increasing faith in digital coins as legitimate assets.
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