Shiba Inu (SHIB) has emerged as the most traded cryptocurrency on India’s leading exchange, WazirX, securing its position as the second most traded token after Bitcoin. The year-end report from WazirX highlights Shiba Inu’s significant rise above other leading tokens such as XRP, ETH, TRX, and MATIC.
WazirX, with over 15 million users and 1.3 million monthly visits, has solidified its status as India’s premier cryptocurrency exchange. The report emphasizes the exchange’s exponential growth, having welcomed around 600,000 new users last year, with Shiba Inu drawing particular attention.
Shiba Inu’s steady popularity among Indian users has positioned it alongside the crypto giant Bitcoin as a high-performing token. The report attributes this resilience to users’ unwavering commitment to cryptocurrencies despite market conditions influenced by fear, uncertainty, doubt, and social media dynamics.
The SHIB/INR trading pair on WazirX, currently ranked sixth in trading volume, recorded a significant 24-hour volume of $148.5 million. In July, Shiba Inu was among the top three most traded assets alongside XRP and Bitcoin.
The growing interest in Shiba Inu within the Indian crypto community is evident from the spike in related Google search queries, peaking on December 25th. This interest is further bolstered by key developments such as the anticipated Shibarium mainnet launch. Shiba Inu’s dominance on WazirX not only reflects its trading prowess but also its impact on the broader crypto landscape, positioning it as a key player in shaping the narrative of meme coins and their influence on the evolving crypto ecosystem.