India has been catching up to the burgeoning bitcoin industry. Meme coins Shiba Inu and Dogecoin have drawn a total of 13.72 percent (April to October) trade volume on crypto exchanges in India, according to the local news portal Hindu Business Line.
Dogecoin and Shiba Inu have recently outperformed Bitcoin and Ethereum among Indian investors, thanks to the latest crypto boom. According to WazirX, Shiba Inu purchases accounted for 50% of trade volume, while Dogecoin is the most popular cryptocurrency on Coinswitch Kuber, followed by Ethereum (6.06 percent), and Bitcoin (6.04 percent ).
“The growth of Shiba Inu illustrates the potential of being a community-driven project,” says WazirX CEO Nischal Shetty. Shiba Inu has been in the headlines recently because it has been listed on additional markets, increasing its liquidity and accessibility.”
Apart from that, the fact that major businessmen and worldwide leaders like Elon Musk have frequently tweeted about Shiba Inu and Dogecoin has made these currencies extremely popular among Indian investors.
Musk’s periodic tweets about Doge have had a significant impact on its price, and his recent post about owning Doge alongside Bitcoin and Ethereum has prompted many international investors to buy in the cryptocurrency.
Shiba Inu has eclipsed Bitcoin in terms of trading volume on WazirX. Shiba Inu has received $320 million in investment in the last 24 hours, making it one of the most traded tokens on the platform.
