Shiba Inu (SHIB) closes 2023 as India’s top altcoin
Meme token Shiba Inu has strengthened its position in the Indian crypto market. The altcoin defied expectations by emerging as the 2nd most traded cryptocurrency on the WazirX exchange, eclipsing established crypto projects such as Ripple (XRP) and Ethereum (ETH).
WazirX’s 2023 report highlights the outstanding performance of the Shiba Inu. Loyal followers demonstrated that the Shiba Army was vital to the success of the project. SHIB has even surpassed Dogecoin (DOGE), the original dog-themed cryptocurrency.“Shiba Inu dominance is on the rise!
Leaving ETH and XRP behind, Shiba Inu claims its throne as the most traded cryptocurrency on India’s largest exchange. #SHIB fever is sweeping the crypto world!
#ShibaInu #CryptoTrading “
— Traliciaa (@traliciaaa) December 31, 2023
Shiba’s growing importance in India
Shiba Inu could emerge as the top digital currency for Indian crypto traders for several reasons. The affordability and accessibility of the altcoin make it a lucrative option for early investors and is perfect for cost-driven economies like India.
Additionally, the Shiba Inu meme appeal is attracting the attention of young tech enthusiasts in India. Moreover, the project’s dedication to ecosystem improvements (as it sought increased benefits) triggered expectations of astronomical profits; this was the focus of many investors in emerging economies.
India’s crypto market
India has one of the most dynamic markets for virtual currencies. Despite high taxes, it has become the second largest crypto market in the world.
It has also recently increased controls on the market. The country labeled cryptocurrencies as gambling tools before blocking access to leading exchanges, including Binance.
However, the Indian cryptocurrency market continues to evolve and the current popularity of the Shiba Inu shows that there is growing belief in digital currencies as legitimate assets.
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