With a community that keeps expanding even years after its initial release, Shiba Inu continues to surpass expectations. The dog-themed coin's trading volume has increased on exchanges due to user interest, and in certain circumstances, it has even surpassed other coins in terms of volume traded. In this instance, the Indian cryptocurrency exchange WazirX has just made public a report listing the most popular cryptocurrencies transacted on its site.
Shiba Inu Comes Before Dogecoin And Bitcoin
The most traded cryptocurrency in India for the month of March 2024 was shared on X, formerly Twitter, by the largest cryptocurrency in the country. Although some of the usual suspects were on the list, such as Bitcoin, Shiba Inu beat them all.
On the WazirX cryptocurrency market, Shiba Inu has become the most traded coin, with Bitcoin coming in second. However, Ethereum was nowhere to be found—it did not even rank among the top 5 most traded coins—in contrast to typical reports that would have it prominently featured in publications like as this one.
Rather, meme coins took the lead, with Bitcoin standing out as the exception. Pepe (PEPE), which had gained a lot of popularity after increasing 500% in a month, came in third. The second meme currency that performed exceptionally well in March was Floki (FLOKI).
The report clarified the current perceptions of cryptocurrency investors, particularly those in India. The fact that meme currencies account for the majority of volumes indicates that investors are more interested in these coins than in well-established projects with practical applications, like Ethereum.
SHIB Expands Its Reach Broadly
Shiba Inu's ongoing popularity has helped the meme coin get even more exchange listings as it moves from the bear market into the bull market is among the most recent exchanges where Shiba Inus have been listed.
The exchange's Australian division declared on March 25 that SHIB will be formally listed for trading on the platform. This helps introduce Shiba Inu to more Australian investors. Australia has one of the world's fastest-growing cryptocurrency markets.
Right now, Shiba Inu is available on all major platforms, including Bitstamp, Coinbase, and Binance. The majority of smaller exchanges are included since listing SHIB is frequently a good way for an exchange to make money from fees. This is a result of the huge volume of trade that occurs with the meme currency; the exchanges profit more from higher volumes.
April 2024, Cryptoniteuae