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Shiba Inu (SHIB) has emerged as the most traded coin on India’s leading cryptocurrency exchange WazirX, solidifying its position as the second most traded token of the year following Bitcoin. The year-end report released by WazirX highlights Shiba Inu’s significant rise above leading tokens such as XRP, ETH, TRX, and MATIC.
WazirX and India
With over 15 million users and more than 1.3 million monthly visits, WazirX has solidified its position as India’s leading cryptocurrency exchange.
The report underscores the exponential growth of the exchange, which welcomed around 600,000 new users last year. While Shiba Inu captures the spotlight, WazirX stands out as a hub for cryptocurrency enthusiasts in the region.
Shiba Inu’s Resilient Popularity
Shiba Inu‘s steady popularity among Indian users is a notable feature, positioning it as a high-performing token alongside the crypto giant Bitcoin. The report attributes users’ unwavering commitment to cryptocurrencies to factors such as market sentiment influenced by fear, uncertainty, doubt, and social media dynamics, despite market conditions.
Shiba Inu becoming the most traded coin on WazirX is not an isolated event. Historical data points to a lasting affinity for Shiba Inu among users, a trend that is supported by the latest report.
Currently, the SHIB/INR trading pair ranks sixth in terms of trading volume on WazirX, recording a significant figure of $148.5 million in the last 24 hours. In July, the second-largest meme coin was among the top three most traded assets alongside XRP and Bitcoin.
Beyond Trading: Shiba Inu’s Impact on Search Queries
The growing interest in Shiba Inu within the Indian crypto community is clearly seen in the increase in related search queries on Google. Google Analytics data highlights the peak of curiosity on December 25th with a query volume of 100, underlining the intense interest in this cryptocurrency.
The popularity of Shiba Inu in India is also supported by significant developments such as the launch of the Shibarium mainnet earlier this year. As the cryptocurrency market evolves, Shiba Inu continues to attract the attention and participation of various crypto communities, proving the enduring appeal of meme coins.
Shiba Inu’s dominance on WazirX reflects not only its trading prowess but also its impact on the broader crypto environment. As the cryptocurrency market in India continues to develop, Shiba Inu’s resilient popularity positions it as a key player shaping the narrative of meme coins and their influence on the evolving crypto ecosystem.
