NEW DELHI, India – Shiba Inu, the world’s second-largest meme coin, has surged in popularity on India’s top exchanges, outperforming Bitcoin in trading volume. This uptick in interest in Shiba Inu reflects a growing trend among Indian crypto investors who are turning to alternative cryptocurrencies like SHIB over more traditional options such as Bitcoin and Ethereum.
According to a recent post on WazirX, India’s largest crypto exchange, Shiba Inu has emerged as the dominant coin on the platform, surpassing other popular tokens like Bitcoin, PEPE, FLOKI, and DOGE. This development follows a recent poll highlighting SHIB’s strong community support, with the meme coin garnering the highest number of votes among the top meme cryptocurrencies by market capitalization.
Despite facing regulatory challenges, Shiba Inu has captured the attention of Indian traders, attracting a significant share of trading activity on leading exchanges like WazirX, CoinDCX, and Zebpay. Factors contributing to SHIB’s appeal among Indian investors include lackluster performances in traditional stock markets and the devaluation of the Indian rupee, driving many to seek alternative investment opportunities within the crypto market.
The surge in popularity of Shiba Inu in India can also be attributed to key projects and associated meme coins that have generated buzz in the crypto community. Developments such as Shibarium, a layer-two blockchain solution, as well as meme coins like BONE, LEASH, WOOF, and DAMN, have contributed to SHIB’s growing popularity among traders and enthusiasts.
Despite fluctuations in the crypto market, Shiba Inu has demonstrated resilience, achieving record highs in late February and mid-March. The coin reached an unprecedented price level of $0.000045 and saw its trading volume peak at $16 billion on March 5, with analysts speculating about the possibility of SHIB reaching the coveted $0.001 price mark.
As of the latest data, SHIB is currently trading at 0.00002636, reflecting a 6% decrease in value over the past 24 hours. The fluctuating value of Shiba Inu, along with its significant presence on Indian exchanges, underscores the growing prominence of alternative cryptocurrencies in the country’s digital asset landscape.