India is on the brink of a crypto revolution that is expected to boom in full scale once the country enacts legislation to protect the industry from financial risks in the times to come. In its 2022 year-end report, Indian crypto exchange WazirX highlighted that over two million new users signed up on its platform this year. Dogecoin and Shiba Inu, the two competing meme coins, have emerged as the most popular crypto choices in India despite their rather lackluster performance this year.
Over 27 percent of first-time crypto buyers WazirX, bought Shiba Inu tokens. At the time of writing, everyone SHIB token is trading at $0.0000086 (approximately Rs.0.000708) after suffering a loss of over two percent on Monday, December 19, crypto price tracker Gadgets 360 showed.
The trade for Dogecoins on WazirX swelled 3,000 percent after Tesla CEO Elon Musk completed its takeover of Twitter on Oct. 27, the exchange noted. DOGE is currently at $0.078 (about Rs.6.42) after posting a 2.43 percent decline today.
It is noteworthy that most of the investors in meme coins were Indian men.
On the other hand, Indian women have also increased their presence in the United States crypto sector by selecting “blue chip tokens” that aim to achieve higher values with better liquidity values over the long term.
“Women in the 26-40 age group contributed 46 percent of the total trading volume of all female users on the platform. Women traded an average of 20 percent of the top tokens traded on the platform. Women from the states of West Bengal (42 percent), Haryana (35 percent), Uttar Pradesh (25 percent), and Karnataka (21 percent) were most involved in crypto trading,” WaizirX’s findings highlighted.
Bitcoin, tether, ether, polygon, Tronand WazirX’s native WRX token were cited as other cryptocurrencies dominating trading charts on the exchange.
Before the now completed FIFA World CupChiliZ Token (CHZ), the official token of the fan voting portal Socios.com, was also able to arouse keen interest among Indian soccer fans.
India secured fourth place, overtaking Russia and the US in the 2022 Global Crypto Adoption Index compiled by a blockchain research firm chain analysispublished in September.
According to WazirX, Indians chose to give crypto gifts to their loved ones around the festivals of Rakshabandhan and Diwali — which are observed in the months of August and October, respectively.
“We have seen gift cards totaling Rs. 11 lakhs were purchased on our platform for the festivals, with 50 percent of gift cards purchased during Diwali,” the exchange noted.
Amid the ongoing downtime for the crypto sector, WazirX has called on crypto community members to continue raising awareness of safe investing practices.
The stock market has predicted retail adoption crypto payments in the Indian business community will continue to evolve as the government formulates regulations for the sector that focus on safety of invested funds.
“In the coming years with better regulatory clarity, secure asset transfer infrastructure, adoption of CBDCsinstitutional adoption of crypto and more brands launching services related to virtual digital assets, it is only a matter of time before crypto becomes a permanent part of our daily lives,” the report states.
Get WazirX 828 complaint requests by the US Federal Bureau of Investigation (FBI), Interpol and Indian law enforcement agencies such as the National Investigation Agency (NIA), Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) against a total of 10 million transactions during April-September 2022.
The exchange is committed to helping all law enforcement agencies track suspicious transactions and keep the sector safe.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.
