XRP and Shiba Inu Dominate Trading Volumes on WazirX Amidst Crypto Market Slump
Amid a relatively slow period for the crypto market, XRP and Shiba Inu investors are continuing to engage in significant buying and selling activities on various trading platforms. Notably, WazirX, a popular crypto exchange known for its affiliation with the Binance ecosystem, has emerged as a prominent hub for trading these assets. Both XRP and Shiba Inu (SHIB) have consistently ranked among the top three most traded assets on WazirX in June, according to a recent report.
Top three traded coins on WazirX in June:
🚀 $BTC
🚀 $SHIB
🚀 $XRP pic.twitter.com/J5HCVxmayV— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 10, 2023
XRP and Shiba Inu dominate WazirX
Although the report did not disclose the exact trading volumes for XRP and SHIB, it highlighted their substantial presence on the platform. Bitcoin, the leading cryptocurrency, secured the first position in terms of trading volume, while Shiba Inu and XRP claimed the second and third spots, respectively.
Taking a closer look at WazirX and Coinmarketcap (CMC), it becomes evident that XRP enjoys four trading pairs on the platform: XRP/BTC, XRP/USDT, XRP/INR, and XRP/WRX. Among these, the most actively traded pairs are XRP/USDT and XRP/INR. According to CMC, the trading volume of XRP against the Indian Rupee (INR) on WazirX in the last 24 hours reached $47,203, indicating a trade of approximately 96,529.65 XRP tokens using the INR fiat currency. Furthermore, over $2,336 worth of XRP was traded against USDT on the Indian-based crypto exchange in the same time frame.
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Shiba Inu, on the other hand, has three trading pairs available on WazirX: SHIB/INR, SHIB/USDT, and SHIB/WRX. Currently, the SHIB/INR trading volume on the exchange stands at $50,434, suggesting a trade involving over 6,384,050,632 SHIB tokens using this pair. CMC reports that the trading volume of Shiba Inu against USDT on WazirX in the last 24 hours amounted to $2,486. Notably, the broader crypto market has witnessed a substantial trade volume of approximately 14,605,286,851,073 SHIB tokens worth $110,182,660 in the same period.
The Reasons for the growing interest in XRP and Shiba inu revealed
The increasing interest in Shiba Inu can be attributed to the anticipation surrounding the upcoming launch of the Shibarium mainnet. Investors are speculating on a potential price surge as the development team promises to bring significant developments and projects into the SHIB ecosystem following the Shibarium launch.
Conversely, the growing interest in XRP can be attributed to the optimistic expectations of a positive ruling for Ripple and XRP in the longstanding lawsuit with the U.S. Securities and Exchange Commission (SEC). If the legal battle ends favourably for Ripple, it could have a profound impact on the XRP Ledger native token and contribute to its rising popularity among investors.
Despite the overall market slump, the consistent trading activities involving XRP and Shiba Inu on WazirX demonstrate the resilience and enduring appeal of these cryptocurrencies among the investor community.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
