- The recent data released by WazirX indicates that SHIB was the most traded token on its platform throughout the month of April.
- Since its listing on WazirX in May 2021, Shiba Inu has consistently been among the top-traded assets on the platform.
Shiba Inu (SHIB) has surged in popularity among crypto traders in India, dominating the trading scene on WazirX, one of the leading cryptocurrency exchanges in the country. The recent data released by WazirX indicates that SHIB was the most traded token on its platform throughout April, outperforming other major cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE). Moreover, SHIB secured the second spot in trading volume on the exchange throughout 2023, trailing only behind Bitcoin.
Top five traded coins on WazirX in April’24:
🚀 $SHIB
🚀 $BTC
🚀 $DOGE
🚀 $PEPE
🚀 $ETHWhich one did you trade the most? pic.twitter.com/Fc1E76f8Lk
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 3, 2024
Rising Popularity of Shiba Inu in India
Shiba Inu’s meteoric rise in India’s crypto trading scene has been impressive. The token has captured the attention of Indian investors and consistently commands a notable share of exchange volumes on WazirX. This surge in popularity is not confined to April alone but has been a recurring trend, as highlighted by WazirX’s previous reports.
WazirX has diligently tracked and reported SHIB’s dominance in its monthly and yearly reports. Notably, SHIB emerged as the most traded token on WazirX in March, signaling a sustained preference among users. This trend continued throughout 2023, with SHIB maintaining its position as the second-most traded token on the exchange, trailing only behind Bitcoin.
The Journey of Shiba Inu on WazirX
Since its listing on WazirX in May 2021, Shiba Inu has consistently been among the top-traded assets on the platform. Despite entering the market nine months after its launch, SHIB swiftly gained traction and has since maintained its prominence. With WazirX supporting a wide array of 294 crypto assets, SHIB stands out as a standout performer, commanding significant trading volume.
At present, WazirX boasts a robust 24-hour trading volume, with SHIB/INR emerging as the third most traded pair on the exchange. Notably, Shiba Inu accounts for a substantial portion of WazirX’s daily trading volume, cementing its position as a favored choice among Indian crypto traders.
Shiba Inu Sees Surge in Burn Rate
Shiba Inu has experienced a dramatic increase in its burn rate, sparking optimism among investors and analysts alike. Over the past 24 hours, the burn rate surged by over 4,000%, removing more than 81 million tokens from circulation. This trend follows a successful April, during which nearly 1.7 billion SHIB assets were destroyed as part of the coin’s ongoing effort to reduce supply.
The recent surge in Shiba Inu’s burn rate has contributed to a bullish sentiment surrounding the meme coin’s price. With a 6% increase in price over the past week and a staggering 150% rise since May of the previous year, SHIB remains a significant player in the meme coin market, boasting a market capitalization nearing $15 billion.
Analysts have pointed out the potential for further gains, with some predicting a substantial rally on the horizon. Notable figures such as Ali Martinez and Jake Gagain have voiced optimistic outlooks, with Martinez disclosing buy orders in anticipation of a 300% surge and Gagain asserting that underestimating Shiba Inu would be a grave mistake.
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