Yona Gushiken
Shiba Inu has remarkably eclipsed Bitcoin, securing the title of the most traded digital asset on one of India’s leading cryptocurrency exchanges. This significant milestone represents a pivotal moment in the cryptocurrency landscape, underscoring not only the increasing allure and adoption of alternative coins (altcoins) among Indian investors but also amplifying the presence and influence of its enthusiastic supporter base, known as the Shib Army, within the South Asian nation.
WazirX, a pivotal member of the esteemed Binance conglomerate and India’s leading cryptocurrency exchange since its inception in 2018, has emerged as a cornerstone of trust in the rapidly expanding realm of Indian cryptocurrency industry. A few days ago, WazirX hailed the Shib Army as the most formidable community on Elon Musk’s social media powerhouse, X (formerly Twitter).
This accolade not only cemented Shiba Inu’s standing within the crypto community but also underscored the significant influence and unwavering dedication of its members and hodlers.
On Tuesday, the prominent centralized cryptocurrency exchange, boasting a robust user base of over 15 million and drawing 1.3 million monthly visits, announced another significant milestone for Shiba Inu: SHIB emerged as its top-traded coin for March. This remarkable achievement outclassed Bitcoin—the world’s premier crypto asset by market capitalization—and other notable tokens.
Since WazirX integrated Shiba Inu into its trading platform in May 2021, it has borne witness to the formidable collective power and sweeping influence of the Shib Army. The native token of the Shiba ecosystem has consistently garnered accolades on the exchange, demonstrating an impressive trajectory of achievements.
In its comprehensive 2023 annual report, WazirX spotlighted Shiba Inu, alongside Bitcoin, as the platform’s top-performing cryptocurrency assets by trading volume, signaling a year of significant activities and popularity for these digital currencies. The report specifically highlighted that the Indian states of Tamil Nadu, Uttar Pradesh, Maharashtra, West Bengal, and Haryana led the charts in trading volumes, showcasing a widespread and geographically diverse interest in cryptocurrency investments across the country.
The annual report from WazirX highlighted a clear trend among its users: a pronounced affinity for Shiba Inu, as evidenced by consistent trading patterns observed over the last few years. “WazirX users are known for their affinity toward Shiba Inu as indicated by trends and patterns of the last few years,” the report shared.
As of 4:35 p.m. ET on Tuesday, Shiba Inu (SHIB) witnessed a trading price of $0.000027, backed by a substantial 24-hour trading volume of $979,432,762. This marked a 6.77% decline in its value on the day, contributing to a 12.7% fall over the past week, despite a notable 22.98% increase in its valuation over the last month.
According to the latest data from CoinMarketCap, SHIB boasts a market capitalization of $15,694,387,116, supported by a circulating supply of 589,289,410,812,691 SHIB tokens, reflecting the volatile yet resilient nature of Shiba Inu in the face of the dynamic cryptocurrency market conditions.
