CoinSwitch, India’s largest cryptocurrency platform, shared which coins investors in the country have been interested in lately. Shiba Inu (SHIB) ranks first in the list of Bitcoin and Dogecoin.
Shiba Inu (SHIB) becomes the most traded altcoin in India
CoinSwitch released the list of the most traded coins during the first quarter of 2022, with Shiba Inu (SHIB) and Bitcoin (BTC) at the top of the list. According to the report, Shiba Inu was the most traded altcoin from January to March 2022, with a trading volume of over $3.8 billion. Bitcoin took the second place with a transaction volume of $ 3.2 billion.
Other popular coins include Dogecoin (DOGE), Ethereum (ETH), and Loopring (LRC).
Which of these coins starred in your portfolio last week?#SHIB #BTC #DOGE #LRC #ETH pic.twitter.com/95f7NxDAQm
— CoinSwitch: India's Largest Crypto App 🚀 (@CoinSwitch) April 22, 2023
CoinSwitch also noted that the Shiba Inu has recently become popular, especially in India, making the platform the most popular altcoin in India. In the report, it was noted that altcoins experienced a huge rise in the first quarter of 2022. These altcoins include popular meme coins like SHIB, DOGE, and Safemoon.
Dogecoin’s popularity may be linked to significant developments scheduled for April. However, these developments did not result as expected and DOGE price is gaining downward momentum.
Dogecoin drops below a key support level
DOGE, one of the most traded coins in India, fell below a significant support after Dogeday on April 20 turned into a sales event. The leading meme coin took a big hit on April 20, popularly known as “Dogeday,” thanks to the failed test launch of SpaceX’s Starship rocket and the downturn in the wider crypto market.
cryptocoin.comWe have included the details in this article.
The SpaceX rocket with the Dogecoin mascot on its side disintegrated four minutes after launch. Still, the company’s employees, including Elon Musk, applauded the failure, expressing optimism for another test in the coming months.
Open DOGE positions remain high
In terms of price, open interest (OI) volume for Dogecoin futures contracts is over $470 million, a January 2023 high, despite the drop in prices, according to data from Coinglass.
Dogecoin’s OI volume reached an annual peak of $580 million on April 4 after Twitter changed its logo to the Shiba Inu, the dog breed used to represent Dogecoin.
The DOGE/USD pair exhibited significant volatility following the logo change and rose more than 21% to a new annual high of $0.10 on April 4. However, the price and IO volumes dropped significantly after the social media platform reverted to the original blue bird logo. The logo change was only active from April 4 to April 7.
