Meme tokens like Floki (FLOKI) and Shiba Inu SHIB/USD Pepe (PEPE) have drawn the interest of Indian investors and are presently king of the trading scene on WazirX, one of the country's top cryptocurrency exchanges.
What transpired was an intriguing turn in the cryptocurrency market: all five of the most traded tokens on WazirX in March, except for Bitcoin, were meme currencies, with SHIB leading the field.
The figure highlights the increasing interest that Indian traders have in meme-based cryptocurrencies, especially in light of the fact that local platforms have benefited from stricter rules governing global exchanges.
Particularly Shiba Inu has been a notable exception, not only topping Bitcoin in trading volume on the market but also outperforming its meme currency competitors.
Recognize this: Dogecoin The ascent of the DOGE/USD competitor is indicative of a larger trend in which meme coins are gaining popularity due to factors other than their short-term speculation value. With projects like the layer-2 blockchain Shibarium and the DEX platform ShibaSwap, the SHIB team is planning to go beyond its meme currency roots and maintain the token's growth in the face of an ecosystem that is typically supportive of them.
Even if the price of SHIB has recently dropped, it is still a very popular token.
According to Coinmarketcap data, in the past 24 hours, its trade volume decreased by 34% to $200.7 million, and its market position dropped to 12th. After an initial surge of more than 200% in March, SHIB still boasts a 14% profit over the last 30 days.
April 2024, Cryptoniteuae