Dogecoin, Shiba Inu Become the Most Traded Cryptocurrencies in India

Nov. 5, 2021

The cryptocurrency market is currently booming as investors hoard to trade popular cryptos like Bitcoin, Ethereum, and MATIC. However, amongst these, a recent report suggests that thememe-based Dogecoin cryptocurrencyand its rival Shiba Inu (SHIB) coin were the highest traded cryptocurrencies in the Indian sub-continent during the period of April and October.

“Interestingly, Dogecoin, a popular cryptocurrency born out of a meme, has been on an uptrend, rallying in the last six months, even surpassing widely used cryptos, Bitcoin and Ethereum,”said Sharan Nair, the Chief Business Officer of CoinSwitch Kuber.

Nair also said that the popularity of the Dogecoin cryptocurrency wasboosted by many foldsafter popular influencers likeElon Musk started to promote iton social media. As a result, Nair states that investors are now starting to understand the“real-world utility of Dogecoin”, which has made it one of the most popular cryptos in the last few months.

Shiba Inu, on the other hand, has also seen a massive increase in its value on another crypto exchange platform called WazirX. The exchange reports that the “Dogecoin Killer” contributed 50% to its overall trading volumeover the past weeks. Other popular cryptocurrencies that thrived on WazirX are Bitcoin, Dogecoin, WRX (WazirX’s own crypto coin), Polygon’s MATIC, and Ethereum.

“The growth of Shiba Inu shows the power of being a community-driven project. In recent months, SHIB has been in the news for being listed on more exchanges, thereby increasing liquidity and access to the token,”Nischal Shetty, the founder and CEO of WazirX said in a statement.

A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.