According to recent data released by WazirX, Shiba Inu (SHIB) emerged as the most traded token on its platform throughout the month of April. Since its listing on WazirX in May 2021, Shiba Inu has consistently remained one of the top-traded assets on the platform.
Shiba Inu has gained immense popularity among crypto traders in India and has dominated the trading scene on WazirX, which is one of the leading cryptocurrency exchanges in the country. The data from WazirX reveals that SHIB outperformed major cryptocurrencies like Bitcoin (BTC) and Dogecoin (DOGE) to become the most traded token on the platform in April. In fact, SHIB secured the second spot in trading volume on the exchange throughout 2023, with only Bitcoin ahead of it.
The top five traded coins on WazirX in April 2024 were SHIB, BTC, DOGE, PEPE, and ETH. The tweet from WazirX asks users which coin they traded the most.
Shiba Inu’s popularity in India’s crypto trading scene has been astonishing. The token has captured the attention of Indian investors and consistently holds a significant share of exchange volumes on WazirX. This surge in popularity is not limited to April alone, as previous reports from WazirX have highlighted its recurring trend.
WazirX has consistently reported SHIB’s dominance in its monthly and yearly reports. In March, SHIB emerged as the most traded token on the platform, indicating a sustained preference among users. This trend continued throughout 2023, with SHIB maintaining its position as the second-most traded token on the exchange, trailing only behind Bitcoin.
Since its listing on WazirX in May 2021, Shiba Inu has consistently been among the top-traded assets on the platform. Despite entering the market nine months after its launch, SHIB quickly gained traction and has since maintained its prominence. With WazirX supporting a wide array of 294 crypto assets, SHIB stands out as a standout performer, commanding significant trading volume.
Currently, WazirX boasts a robust 24-hour trading volume, with SHIB/INR emerging as the third most traded pair on the exchange. Shiba Inu accounts for a substantial portion of WazirX’s daily trading volume, solidifying its position as a favored choice among Indian crypto traders.
Shiba Inu has witnessed a surge in its burn rate, which has sparked optimism among investors and analysts. Over the past 24 hours, the burn rate has increased by over 4,000%, resulting in the removal of more than 81 million tokens from circulation. This trend follows a successful April, during which nearly 1.7 billion SHIB assets were burned as part of the coin’s ongoing effort to reduce supply.
The recent surge in Shiba Inu’s burn rate has contributed to a bullish sentiment surrounding the meme coin’s price. With a 6% increase in price over the past week and a staggering 150% rise since May of the previous year, SHIB remains a significant player in the meme coin market, with a market capitalization nearing $15 billion.
Analysts have expressed optimism and predicted further gains for Shiba Inu. Figures like Ali Martinez and Jake Gagain have shared positive outlooks, with Martinez revealing buy orders in anticipation of a 300% surge and Gagain emphasizing the mistake of underestimating Shiba Inu.