The month of March proved to be quite the lucrative period for the overall cryptocurrency sector. While Bitcoin attained its new all-time high and Ether came close to creating its own, several altcoins also recorded a notable upswing in their respective trajectories. Indian crypto exchange WazirX, on April 2, released a list of the five most traded cryptocurrencies on its app. As per the Indian exchange, memecoin Shiba Inu secured the first rank on this list indicating that most of the investors engaging with crypto through its app chose to purchase Shiba Inu.
In March 2024, Shiba Inu managed to supersede Bitcoin on WazirX’s list of most-traded cryptocurrency. The development has managed to gain major appreciation from the team behind the SHIB coin.
“$SHIB was one of the hottest coins on @WazirXIndia in March! The Shib Army is growing strong in India!” the official handle of the @Shibtoken posted on X, re-sharing the WazirX’s list.
Originally created as a joke rival to Dogecoin, SHIB was launched in August 2020. The memecoin is presently trading at the price point of $0.000027 (roughly Rs. 0.002257). With a market cap of $16,131,474,196 (roughly Rs. 1,34,583 crore), Shiba Inu ranks 12th out of all 9,406 active cryptocurrencies on CoinMarketCap.
Along with the memecoin, the Shiba ecosystem has expanded its product portfolio over the years to include a metaverse ecosystem, a Shibarium blockchain, and .SHIB domains for its community members.
Following these developments, the SHIB community witnessed an expansion around 2023. Towards the end of January last year, for instance, Shiba Inu had emerged as the top-most choice for new entrants who were looking to explore crypto investments, a report by on-chain analytics firm Nansen had claimed.
At that time, SHIB was trading at the price point of $0.000012 (roughly Rs. 0.000984) and its circulating supply stood at over 549 trillion. Present day, over 589 trillion tokens of Shiba Inu are in circulation – showing a clear growth in its adoption.
The memecoin, despite its slow price spike, has managed to maintain popularity among Indian investors. Back in December 2022 SHIB was the top traded token on WazirX with 27 percent of first-time crypto buyers betting on the memecoin.
As per the exchange’s list of top traded cryptos, Shiba Inu has secured the first rank followed by Bitcoin, Pepe Coin, Floki Inu, and Dogecoin. This indicates that the craze of memecoins among crypto investors is heating up.
