Popular meme-coin project Shiba Inu (SHIB) has won the hearts of Indians. According to Nomics data, the Shiba Inu was the highest traded cryptocurrency in India.
Meme coin is gaining tremendous attention in India!
India has the largest number of cryptocurrency investors in the world, with over 100 million people investing in crypto. A population of 1.4 billion is looking for ways to become rich. Therefore, cryptocurrencies seem to be the only means of satisfying their financial aspirations. Of all the cryptos in the markets, Indian investors are mostly dependent on the Shiba Inu token.
Data from Nomics shows that Shiba Inu accounts for 9% of all crypto transactions initiated in India. Indian investors made approximately $120 million worth of SHIB trades in 2022 alone.
WazirX, India’s largest crypto trading platform, takes over 10% of its trades to Shiba Inu. The crypto exchange has over 15 million active users on any given day. In addition, Zebpay exchange recorded 9% of all its transactions on SHIB. Other major exchanges of India such as CoinDCX recorded more than 5% of SHIB transactions.
Meme coin project Shiba Inu remains the most traded crypto in India on any crypto exchange in the country. Also, when WazirX listed SHIB in May 2021, millions of transactions were initiated within minutes. So much so that it caused the platform to crash. This was recorded as an important indicator of the interest in the popular meme coin project.
Why are Indian investors buying Shiba Inu?
cryptocoin.com As you follow, Ethereum founder Vitalik Buterin donated $1.2 billion worth of crypto in May 2021 as India battles the second wave of the Covid-19 pandemic. Buterin donated 50 trillion SHIB tokens to India along with Ethereum and Bitcoin. This news made the headlines in the country.
That same week, WazirX listed SHIB on its platform. Thus, it opened its doors to millions of investors. Meanwhile, SHIB is among the most affordable cryptocurrencies. Investors do not feel serious trouble while saving it. They believe it is better to buy the Shiba Inu because once it reaches $0.01 it is possible to get life changing gains. Therefore, Indians are frantically buying SHIB tokens more than any other country.
At press time, the Shiba Inu was trading at $0.000001015, according to CoinMarketCap data. The meme coin has dropped 1.55% in the last 24 hours. SHIB also slipped 88% from its all-time high of $0.00008616 reached in October 2021.
