Shiba Inu (SHIB) Reigns Supreme in India’s Cryptocurrency Market
- Shiba Inu is the most frequently traded digital asset in India.
- SHIB surpassed popular cryptocurrencies like Bitcoin and Ethereum.
- Shiba Inu gained popularity after Vitalik Buterin donated 50 trillion tokens.
Shiba Inu has been grabbing the attention of investors worldwide, with a particular surge of interest seen in India. Recent reports suggest that Shiba Inu has been the most frequently traded digital asset in India this week, according to a tweet by SHIB KNIGHT.
📌 #Shiba Inu Most Traded Asset on Top Exchange in #India, Displaces BTC pic.twitter.com/RsAIIGMHHs
— $SHIB KNIGHT (@army_shiba) April 22, 2023
This news is supported by data from CoinSwitch, one of India’s largest exchanges, which revealed that Shiba Inu secured the top position in its list of the top 5 traded assets between April 15 and 20. This surge in popularity has put Shiba Inu ahead of other well-known cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Which of these coins starred in your portfolio last week?#SHIB #BTC #DOGE #LRC #ETH pic.twitter.com/95f7NxDAQm
— CoinSwitch: India’s Largest Crypto App 🚀 (@CoinSwitch) April 22, 2023
The Indian business community has shown immense enthusiasm for Shiba Inu. This is because two years ago, Ethereum founder Vitalik Buterin donated 50 trillion Shiba Inu tokens to the Indian Covid-19 Relief Fund, which had a total value of $1 billion at the time. This move created a lot of buzz around SHIB in the country.
Shiba Inu Dominates Indian Crypto Market
As a result of this publicity, Shiba Inu has gained a significant share of the Indian cryptocurrency market and is now the most preferred digital currency for Indian crypto investors.
WazirX, a prominent cryptocurrency exchange in India, had previously shared an analysis stating that Shiba Inu was the preferred asset for novice traders in India in 2022. Additionally, SHIB ranked as the fifth most frequently traded asset on WazirX during the same year.
These recent reports further reinforce the widespread popularity of Shiba Inu among Indian investors, as it continues to dominate the Indian cryptocurrency market.
