The people of India, one of the most densely populated countries in the world, have been ditching Bitcoin (BTC) and Ethereum (ETH) for the popular memecoin Shiba Inu (SHIB). In a country where crypto is strictly curbed by taxes, the spike in trading activity is rather unconventional. Indian investors have switched from the plunging stock market and the falling rupee to something that’s more resistant to external factors.
Top Indian Crypto Exchanges See Increased SHIB Activity
In a country that’s home to around 1.35 billion people, the Japanese dog-themed memecoin is becoming the go-to choice. According to recent trading statistics provided by Nomics, 9% of the overall crypto trading activity in the South Asian country has something to do with Shiba Inu (SHIB), and most traders are buying.
On the other hand, the WazirX crypto exchange reports that around 10% of the trading activity is Shiba Inu (SHIB) related. In addition, there’s Coin DCX with 5% of total trades involving Shiba Inu (SHIB). Moreover, the pattern suggests that the Shiba Inu (SHIB) community in India is growing rapidly, as crypto platform sign-ups have accelerated 45%.
Thirdly, the success stories of previous Shiba Inu (SHIB) investors might have inspired Indian crypto enthusiasts to adopt the memetoken. The Shiba Inu (SHIB) developer team is also working on a batch of important technical updates, Shibarium, SHIB: The Metaverse, and the $SHI stablecoin to name a few. The two-year-old memecurrency project is expected to grow further, as proven by the increased enthusiasm from the Indian part of the Shiba Army.
Shiba Inu (SHIB) Market Price Adds Another Zero
At press time, the #13 ranked memecoin Shiba Inu (SHIB) is priced at $0.00000959, according to CoinGecko. Ultimately, the crypto massacre has taken its toll on the canine crypto, as it’s down by 16% weekly and a whopping 25% monthly. The bloodthirsty bears are after Shiba Inu (SHIB) this Thursday, as Shiba Inu’s (SHIB) market price plummeted by 7.2% in the last 24 hours.
On the Flipside
- Despite the increased trading activity, Shiba Inu (SHIB) lost its crucial resistance line of $0.00001.
- Shibarium, the Layer-2 solution for Shiba Inu’s (SHIB) Ecosystem, is delayed with no launch date given.
Why You Should Care
The dog-themed memecurrency Shiba Inu (SHIB) is not only favored by Indian crypto traders. Shiba Inu (SHIB) is also the top pick for Ethereum’s (ETH) TOP 100 whales. Besides, the wide community of the SHIB Army is growing further, as hashtags like #Shiba & $SHIB are constantly trending on Twitter.
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