The Shiba Inu team was ecstatic to have attained the position of the most actively traded cryptocurrency on the Indian crypto exchange WazirX.
Popular meme coin Shiba Inu (SHIB) and Dogecoin rival, have maintained a strong presence in India despite regulatory challenges in the crypto industry.
SHIB became the most actively traded cryptocurrency on the Indian crypto exchange WazirX.
Also in support of this, the SHIB team conveyed a positive outlook.
Shiba Inu Team Shows Gratitude
The Shiba Inu team emphasized in a recent X post that it was the SHIBArmy’s steadfast support that enabled them to accomplish this success in India.
The team quoted a post by WazirX in which they indicated that SHIB surpassed Bitcoin (BTC) as the most actively traded cryptocurrency in March.
The Shiba Inu team wrote, “SHIB was one of the hottest coins on @WazirXIndia in March!”
The team wrote, in recognition of the SHIBArmy’s support, “The Shib Army is growing strong in India. Namaste!”
Meanwhile, Bitcoin ascended to the second position on WazirX’s list of the most-traded cryptocurrencies, while other well-known meme coins emerged.
Additionally, Pepe Coin (PEPE) secured the third spot, with Dogecoin (DOGE) and Floki Inu (FLOKI) following suit.
The regulatory scrutiny in India signifies a significant milestone for both SHIB and the meme coin community as a whole with this development.
Moreover, Shiba Inu’s increased prominence on WazirX is also attributable to the crackdown on foreign crypto exchanges, which facilitated the success of local players.
SHIB Price Struggles
The Shiba Inu price is having difficulty maintaining its recovery.
As of press time on Wednesday, April 3, the SHIB price had increased by 1.04% to $0.00002725.
In contrast, the market cap of the well-known meme coin was $16.05 billion.
Whilst, the SHIB trade volume 0.32% to $932.30 million.
However, the bearish trend has demoted Shiba Inu to the 12th position from the list of top 10 cryptocurrencies by market cap.
As a result of its initial 240% rally, SHIB has maintained a 33% profit in the last 30 days despite the crash.
Amid the recovery, substantial long liquidations were observed.
Out of a total of $1.50 million in liquidations, $1.17 million were attributed to SHIB, as reported by Coinglass.
The substantial long liquidations have the potential to lower the price and impede the recovery phase.
