Shiba Inu Coin News Today- India’s Crypto Surge: Shiba Inu Overtakes Bitcoin and Dogecoin
Shiba Inu Coin News Today– Shiba Inu (SHIB) has made waves in India’s cryptocurrency market, emerging as one of the most traded digital assets in the country this year. According to a recent post by Kashif Raza, founder of the Bitcoin education platform Bitinning, Shiba Inu’s popularity has outpaced even major cryptocurrencies like Bitcoin (BTC) on the CoinSwitch platform, one of India’s largest crypto exchanges.
While Raza initially suggested that the data reflects India’s overall crypto landscape in 2024, it’s important to note that the information specifically pertains to CoinSwitch’s user activity. This exchange, which has garnered significant attention, now boasts 20 million active users, with 11% of them being women. Interestingly, the majority of these investors are young, with about 72% being under the age of 35.
Shiba Inu Surpasses Bitcoin and Dogecoin in Trading Volume
Shiba Inu’s rise to the top is a notable achievement, especially given the competition from other well-established tokens like Bitcoin and Dogecoin. According to the data shared by CoinSwitch, Shiba Inu (SHIB) emerged as the most traded token on the platform in 2024. A substantial 9% of CoinSwitch users, or roughly 1.8 million individuals, traded SHIB this year.
In comparison, other prominent cryptocurrencies, including Pepe, Bitcoin (BTC), and Dogecoin (DOGE), trailed behind. The data shows that 8% of users (1.6 million) traded Pepe, Bitcoin, and Dogecoin, respectively. This highlights the growing appeal of meme coins in India, as Shiba Inu, a meme-based cryptocurrency, took the lead over some of the most recognized digital assets in the world.
Other popular cryptocurrencies traded on CoinSwitch included Tether (USDT), Bonk, Ethereum (ETH), Solana (SOL), XRP, and Gala, with varying trade percentages. Notably, Tether (USDT) represented 6% of transactions, Ethereum 3%, and Solana 3%. This suggests that while meme coins like Shiba Inu and Dogecoin remain dominant, stablecoins and established cryptocurrencies like Ethereum also continue to capture significant user interest.
CoinSwitch Users: Who’s Trading and When?
The data also revealed some interesting patterns in user behavior on CoinSwitch. CoinSwitch users tend to be most active between 9 PM and 11 PM, a peak time for crypto trading in India. The platform’s 20 million users also demonstrate a youthful demographic, with 72% of traders under 35 years old. This trend is not only indicative of the increasing adoption of crypto among young investors but also highlights the rising role of meme coins in shaping the preferences of this generation.
Additionally, women traders are also gaining a foothold in the Indian crypto market, comprising 11% of CoinSwitch’s user base. As the market continues to mature, these demographic shifts could have significant implications for the future of cryptocurrency trading in India and beyond.
Dogecoin Leads as the Most Held Token on CoinSwitch
While Shiba Inu has emerged as the most traded token on CoinSwitch, Dogecoin (DOGE) leads as the most held cryptocurrency among the platform’s users. According to CoinSwitch’s data, 8% of users, or 1.6 million people, hold Dogecoin in their portfolios. This indicates a strong preference for meme coins among Indian crypto traders, with Dogecoin continuing to hold a prominent position.
Bitcoin follows closely behind as the second most-held cryptocurrency, with 7% (1.4 million) of users maintaining positions in BTC. Other assets such as Ethereum (ETH), Shiba Inu (SHIB), and Cardano (ADA) also feature prominently in users’ holdings, with 6%, 5%, and 4%, respectively.
This pattern reflects a growing trend among CoinSwitch users to diversify their holdings across multiple cryptocurrencies, including meme coins, established assets like Bitcoin and Ethereum, and newer tokens like Shiba Inu. Despite Dogecoin and Shiba Inu leading in terms of trading volume and user holdings, it is clear that the Indian crypto community is taking a balanced approach to their portfolios.
The Growing Popularity of Meme Coins in India
Meme coins, particularly Shiba Inu and Dogecoin, have gained considerable traction in India’s crypto market. Together, these two meme-based tokens account for 14% of CoinSwitch users, with many drawn to their viral appeal and community-driven nature. This trend aligns with the global fascination with meme coins, which often see rapid price fluctuations and a high level of community engagement.
The rise of Shiba Inu in India is particularly noteworthy, as it has consistently performed well throughout 2024, attracting both seasoned traders and newcomers to the crypto market. With its relatively low price point, Shiba Inu offers an accessible entry point for Indian investors looking to capitalize on the growing meme coin trend.
Current Market Status of Shiba Inu and Dogecoin
As of now, Shiba Inu is trading at $0.00002188, with a trading volume of approximately $489.48 million. Despite its impressive performance this year, Shiba Inu’s trading volume has seen a slight decrease of 7.94% over the past 24 hours.
On the other hand, Dogecoin is trading at $0.316, with a significantly higher daily trading volume of $2.32 billion. Dogecoin has also experienced a decline in volume, down 8.56% over the last day. Despite these fluctuations, both Shiba Inu and Dogecoin remain highly relevant in the Indian crypto market, reflecting the ongoing popularity of meme coins and their potential for future growth.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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