Shiba Inu (SHIB) took the lead as the most traded cryptocurrency on WazirX in May 2024, with an astonishing 3,436% increase in new accounts within just 24 hours.
In a tweet by Wazir X, India’s premier crypto exchange, Shiba Inu (SHIB) emerged as the top performer on the trading charts, surpassing Bitcoin (BTC), Floki (FLOKI), and Pepe (PEPE) in terms of trading volume in May 2024. This remarkable feat underscores SHIB’s rising popularity among Indian cryptocurrency traders.
The top five traded coins on WazirX in May ’24 were:
$SHIB
$BOB
$PEPE
$FLOKI
$BTC
Which one did you trade the most? pic.twitter.com/fQlfhUhRrt
Shiba Inu’s dominance on WazirX’s trading platform reflects its sustained appeal. Following SHIB, Bob Token (BOB) secured the second spot, closely followed by Pepe (PEPE) in third place. Floki (FLOKI) and Bitcoin (BTC) rounded out the top five, showcasing the growing interest in these emerging tokens compared to the more established Bitcoin.
Shiba Inu’s impressive performance in May 2024 is indicative of its consistent popularity on WazirX, where it also led the charts in April 2024. The coin’s strong trading activity, even coming close to Bitcoin in December 2023, highlights the enduring interest in SHIB driven by its community and market dynamics.
In the last 24 hours, Shiba Inu has experienced significant gains, with its price surging by over 8%. Reaching a daily high of $0.00002592, the coin’s bullish run signals optimism in the market after a recent dip to $0.00002365. Market experts like Bitcoin author Jason Williams foresee SHIB’s price potentially skyrocketing to $0.05, representing a staggering 193,774% increase and signaling substantial growth potential for Shiba Inu.
Furthermore, analysts predict that if Shiba Inu surpasses its current resistance level of $0.000027, it could climb to $0.000038. An AI-powered price prediction tool even suggests the token could end the month at $0.000031. The meme coin market, including Shiba Inu, has seen remarkable gains, reminiscent of the 2021 bull run.
Shibarium, Shiba Inu’s ecosystem, experienced a remarkable surge in user engagement, with new accounts on the network skyrocketing by 3,436% in just 24 hours, from 30 to 1,031. This spike in activity was also reflected in the transaction volume, which increased by 80% from 4,751 to 8,527 transactions in the same period. The heightened activity on Shibarium indicates a growing interest and participation from users, potentially fueled by the recent momentum in SHIB’s price.