Shiba Inu and Dogecoin dominate trading on Indian crypto exchanges

Slowly but steadily, India is consistently keeping pace with the rapidly growing cryptocurrency industry.

According to a report by the local news portal Hindu Business Line, the meme cryptocurrencies Dogecoin and Shiba Inu have attracted a total of 13.72% of trade volume on cryptocurrency exchanges in India from April to October.

Dogecoin and Shiba Inu have risen to the top of the cryptocurrency market, outpacing Bitcoin and Ethereum in terms of popularity among Indian investors.

Shiba Inu’s heavy trading volume

Crypto exchange WazirX said the purchase of Shiba Inus has resulted in a total of 50% of trading volume, while Coinswitch Kuber has identified Dogecoin as the biggest cryptocurrency on its exchange, followed by Ethereum (6.06%), and Bitcoin (6.04%).

WazirX Chief Executive Officer Nischal Shetty believes that “the growth of Shiba Inu demonstrates the power of a project that is driven by the community.”

Shiba Inu has been in the news recently due to the fact that it has been listed on additional exchanges, which has raised its liquidity and made it easier to obtain the token.

Tweets becoming a factor

Apart from that, another factor that has contributed to the enormous popularity of Shiba Inu and Dogecoin among Indian investors is the fact that both cryptocurrencies have been frequently mentioned in tweets by top businessmen and entrepreneurs such as Mark Cuban and Elon Musk.

Musk’s periodic tweets about Doge have had a significant impact on its price, and his recent tweet stating that he owns Doge in addition to Bitcoin and Ethereum has prompted many global investors to put money into the cryptocurrency.

Shiba Inu has eclipsed Bitcoin as the most traded cryptocurrency on WazirX. Shiba Inu has received $320 million in investment in the last 24 hours, propelling it to the top of the cryptocurrency exchange’s list of most actively traded tokens.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/shiba-inu-and-dogecoin-dominate-trading-on-indian-crypto-exchanges/