7 months ago
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Shiba Inu continues to defy expectations years after it first launch with its continuously growing community. The interest in the dog-themed coin has caused its trading volume to rise across exchanges, and in some cases, becoming the top traded coin. This is the case of Indian crypto exchange WazirX, which just released its report for the most traded cryptocurrencies on the platform.
Shiba Inu Comes Out Ahead Of Bitcoin And Dogecoin
The Indian crypto which is the largest in the country took to X (formerly Twitter) to share the results of the most traded cryptocurrencies on the platform for the month of March 2024. While there were the regulars on the list like Bitcoin, Shiba Inu outperformed every single one.
Shiba Inu emerged as the most traded coin on the WazirX crypto exchange, followed by Bitcoin in second place. However, unlike usual reports that would see Ethereum feature heavily in reports like this, it was nowhere to be found as it did not even make the top 5 most traded coins.
Instead, meme coins dominated the list, leaving Bitcoin as the odd man out. In third place was Pepe (PEPE), which had garnered a lot of support after rising 500% in a month. Then next was Floki (FLOKI), another meme coin that did incredibly well in the month of March. Last but not least was Dogecoin in fifth place, proving that despite all of the competition from the shiny new meme coins, Dogecoin has been able to stand its ground as the largest meme coin in the market.
Top five traded coins on WazirX in March’24:
🚀 $SHIB
🚀 $BTC
🚀 $PEPE
🚀 $FLOKI
🚀 $DOGE
Which one did you trade the most? pic.twitter.com/ENCCWQ4RNV
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 2, 2024
The report shed light on how crypto investors, especially in India, are viewing the market right now. With meme coins dominating the majority of volumes, it suggests that investors are looking to these coins for more gains compared to established projects with utility, such as Ethereum.
SHIB Spreads Its Wings Far And Wide
The continued adoption of Shiba Inu has seen the meme coin score even more exchange listings through the bear market and into the bull market. One of the most recent instances of Shiba Inu being listed on exchanges is Bitcoin.com.
On March 25, the Australian arm of the exchange announced that it would be officially listing SHIB for trading on the platform. This further spreads Shiba Inu to new investors in Australia, which is one of the fastest-growing cryptocurrency markets in the world.
Shiba Inu is currently listed on all major such as Binance, Coinbase, and Bitstamp. Most minor exchanges are not left out as listing SHIB can often be a good avenue for generating revenue for an exchange through fees. This is because of the high level of trading that happens with the meme coin and the higher the volume, the more money the exchanges make.
Featured image from Bitcoin News, chart from Tradingview.com
