In a notable revelation, WazirX, one of the leading cryptocurrency exchanges in India, has identified Shiba Inu (SHIB) as the second-most traded coin on its platform, according to its End of Year report published on December 28. The report highlighted Shiba Inu’s impressive trading activity, positioning it just behind Bitcoin in terms of volume on the exchange. Notably, Shiba Inu surpassed other prominent cryptocurrencies, including XRP, ETH, TRX, DOGE, MATIC, GFT, and FTT.
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WazirX’s Insights and Shiba Inu’s Performance
While WazirX did not disclose specific trading volume details for Shiba Inu in 2023, the exchange emphasized that Bitcoin and Shiba Inu remained the top-performing tokens by volume. The report underscored the consistent affinity of WazirX users toward Shiba Inu, a trend observed over the past few years.
WazirX, founded in 2018, has rapidly become one of India’s leading cryptocurrency exchanges, boasting over 15 million users and more than 1.3 million monthly visits. It currently holds the top spot in terms of exchange volume traded in India, according to CoinGecko. The platform supports over 200 cryptocurrencies, including popular ones like Bitcoin, Shiba Inu, and Ethereum.
According to CoinGecko data, WazirX recorded a 24-hour trading volume of $4.12 million, highlighting the platform’s robust activity in the crypto market. The SHIB/INR trading pair specifically stands out as the fifth-most traded pair on WazirX, with a volume of $144,979.
Shiba Inu’s Popularity in India
Shiba Inu’s ascendancy to the second-most traded position on WazirX aligns with its growing popularity as an investment option in India. The cryptocurrency, known for its canine theme, has garnered significant attention from the Indian crypto community.
Google Analytics data indicates a substantial surge in search interest associated with Shiba Inu in India over the past 90 days. The query volume for “Shiba Inu crypto” surpassed the average level for most of the month and spiked to 100 on December 25. This heightened search interest suggests a keen interest among Indian crypto enthusiasts, further solidifying Shiba Inu’s dominance on the WazirX platform.
As Shiba Inu continues to capture the spotlight in the Indian crypto landscape, its trading performance on WazirX signifies its strong position and appeal within the country’s burgeoning cryptocurrency market. The coming months will undoubtedly see continued scrutiny of Shiba Inu’s market dynamics and its influence on the broader crypto ecosystem.