Shiba Inu emerged as the most actively traded cryptocurrency on WazirX, India’s largest cryptocurrency exchange, surpassing Bitcoin, which secured second place.
In a market dominated by meme coins, Shiba Inu stood out as the top-performing crypto on WazirX during the first quarter, outperforming Bitcoin and other meme coins.
Meme coins have always acted as an attractive entry point for novice crypto traders due to their fun-oriented nature. Dogecoin, for instance, gained immense popularity during the 2021 bull run, achieving a market capitalization of up to $90 billion. Modern meme coins have gained significant attention in recent years and have delivered the highest profits in the market.
In the Indian market, Shiba Inu has claimed the spotlight. WazirX recently disclosed that SHIB was the most actively traded coin in the country during the first quarter. Within that period, its price surged from $0.00001034 to $0.00003592, resulting in a 247% increase and a market capitalization of $21.16 billion.
Although it has experienced some fluctuations, at present, SHIB is trading at $0.00002725, with a 1.7% gain in the past day but a nearly 10% decline in the past week.
While the fact that SHIB surpassed all other cryptocurrencies on the Indian exchange may come as a surprise, its continued adoption is not unexpected. The token has strategically expanded its reach beyond being a mere meme coin, and these efforts have paid off. As reported by Crypto News Flash, Shibarium recorded over three million transactions in February and boasts over 1.5 million wallet addresses.
These developments have even enticed ardent Bitcoin supporters to embrace the Ethereum-based meme coin, with institutional purchases surging by over 400% in recent days, as reported by Crypto News Flash.
In a market dominated by meme coins, Shiba Inu has taken the lead, with Bitcoin securing the second spot. Bitcoin has had a notable quarter, reaching a new all-time high of over $73,000. This period also marked significant milestones in Bitcoin’s journey towards mainstream adoption, with the launch of spot ETFs in January.
BlackRock and Fidelity, two of the world’s largest asset managers, have taken the lead in Bitcoin ETFs, indicating a future where Bitcoin will be held by some of the world’s wealthiest and most influential individuals.
However, following Bitcoin, the next three spots on WazirX were also occupied by meme coins. Pepe secured the third position, followed by Floki and Doge. WazirX’s list demonstrates that the days when meme coins were dismissed as a passing trend are firmly behind us.
Vitalik Buterin, the founder of Ethereum, is among those who have publicly recognized the significance of the meme coin sector in the cryptocurrency space. He recently acknowledged that he couldn’t have predicted their success five years ago. However, as reported by CNF, he expressed hope that meme coins can be leveraged to bring about positive changes in society.