Mumbai, India – The cryptocurrency world is buzzing with excitement as Shiba Inu, the second-largest meme coin globally, is making waves on India’s leading exchanges, outperforming Bitcoin in terms of trading activity. This surge in Shiba Inu’s popularity highlights a shifting trend among Indian crypto investors who are increasingly favoring alternative digital currencies over traditional ones like Bitcoin and Ethereum.
According to recent data shared by WazirX, India’s largest crypto exchange, Shiba Inu dominates the list of top-traded coins on the platform for March 2024, surpassing popular tokens such as Bitcoin, PEPE, FLOKI, and DOGE. This significant milestone comes on the heels of a recent poll conducted by WazirX, where Shiba Inu emerged as the clear favorite among the top meme cryptocurrencies by market capitalization, garnering 48.3% of the votes.
Despite India’s strict regulatory environment for cryptocurrencies, Shiba Inu has captured the attention of Indian traders, capturing a substantial share of the trading volume on major exchanges like WazirX, CoinDCX, and Zebpay. The coin’s appeal to Indian investors can be attributed to various factors, including lackluster performances in traditional stock markets and the depreciation of the Indian rupee, prompting many to explore alternative investment opportunities in the crypto space.
Shiba Inu’s recent surge in popularity can also be linked to the success of key projects and associated meme coins like Shibarium, a layer-two blockchain solution, and tokens such as BONE, LEASH, WOOF, and DAMN, which have generated significant hype within the crypto community. While other crypto assets, including Bitcoin, experienced a slight decline in trading activity, Shiba Inu’s exceptional performance in late February and mid-March cannot be overlooked.
Despite facing some challenges, Shiba Inu continues to attract significant interest from investors, with analysts predicting a potential price target of $0.001 for the coin. As of the latest data, Shiba Inu is trading at $0.00002636, reflecting a 6% decrease over the past 24 hours. With the crypto market evolving rapidly, all eyes are on Shiba Inu as it continues to make headlines and captivate investors worldwide.