‘Growing Strong in India’: Shiba Inu Said to Be Most Traded Memecoin on WazirX in March

The month of March turned out to be quite a profitable period for the cryptocurrency sector as a whole. While Bitcoin hit new all-time highs and Ether came close to making its own, several altcoins also recorded significant increases in their own momentum. Indian crypto exchange WazirX released a list of the five most traded cryptocurrencies on its app on April 2. According to Indian Exchange, memecoin Shiba Inu took first place on the list indicating that most investors who engaged with crypto through its app chose to buy Shiba Inu.

In March 2024, Shiba Inu placed Bitcoin on Minister X’s list of most traded cryptocurrencies. The development has been able to garner great appreciation from the team behind SHIB Coin.

“$SHIB was one of the hottest coins on @WazirXIndia in March! The Shib army is getting stronger in India! @Shibtoken’s official handle posted on X, re-sharing Wazir X’s list.

Originally created as a joke competitor to Dogecoin, SHIB was launched in August 2020. memecoin is currently trading at a price of $0.000027 (approximately Rs.0.002257). With a market cap of $16,131,474,196 (approximately Rs. 1,34,583 crore), Shiba Inu ranks 12th among all 9,406 active cryptocurrencies. CoinMarketCap.

Along with memecoin, the Sheba ecosystem has expanded its product portfolio over the years so that a The metaverse ecosystema Shiberium BlockchainAnd .SHIB domains For members of his community.

Following these developments, the SHIB community witnessed an expansion around 2023. In late January last year, for example, Shiba Inu had emerged As the top choice for new entrants looking to explore crypto investments, a report from online analytics firm Nansen claimed.

At that time, SHIB was trading at a price point of $0.000012 (approximately Rs.0.000984) and had a circulating supply of over 549 trillion. Currently, Shiba Inu has more than 589 trillion tokens in circulation – showing a clear increase in its adoption.

memecoin, despite its sluggish price, has managed to maintain popularity among Indian investors. Return December 2022 SHIB was the most traded token on WazirX with 27 percent of first-time crypto buyers betting on memecoin.

According to the exchange’s list of most traded cryptos, Shiba Inu has taken the first rank followed by Bitcoin, Pepe Coin, Floki Inu, and Dogecoin. This shows that the craze for memecoins is growing among crypto investors.

---