Shiba Inu (SHIB) has clinched the title of the most traded coin on India’s leading cryptocurrency exchange, WazirX.
According to an End of Year report released on December 28 by the exchange, Shiba Inu, the popular canine-themed token, secured its position as the second most traded token this year, just behind Bitcoin. Notably, Shiba Inu surged ahead of leading tokens, including XRP, ETH, TRX, and MATIC.
WazirX, boasting over 15 million users and more than 1.3 million monthly visits, has solidified its standing as India’s premier cryptocurrency exchange. As per the report, the exchange witnessed a remarkable influx of approximately 600,000 new users in the past year.
The report further highlighted the consistent popularity of Shiba Inu among Indian users, affirming its status as a top-performing token alongside Bitcoin. Despite relatively subdued market conditions, the report underscored users’ unwavering engagement with cryptocurrencies, attributing this consistency to factors such as market sentiment influenced by fear, uncertainty, doubt, and social media dynamics.
Shiba Inu’s ascent to the most traded coin on WazirX is not an isolated event. Historical patterns indicate a lasting affinity among users for Shiba Inu, and the recent report corroborates this trend. Notably, the SHIB/INR trading pair ranks sixth most traded on WazirX, reflecting a substantial volume of $148.5 million over the past 24 hours.
That said, this isn’t the first time Shiba Inu has claimed a prominent position on WazirX. Back in July, the second-largest meme cryptocurrency asserted its dominance by securing a position among the top three most traded assets, namely XRP and Bitcoin.
The growing interest in Shiba Inu within the Indian crypto community is evident in the surge of search queries related to Shiba Inu on Google. The heightened curiosity, as indicated by Google Analytics data, reached a peak with a query volume of 100 on December 25, reflecting a keen interest in this cryptocurrency.
Further, Shiba Inu’s popularity in India and the crypto community is also influenced by factors such as the Shibarium mainnet launch earlier this year. That said, as the cryptocurrency market continues to evolve, Shiba Inu is a testament to meme coins’ enduring appeal.