Shiba Inu (SHIB) has established itself as an outstanding performer, taking the position as the second most traded token on popular cryptocurrency exchanges in India.
This is a notable achievement in the highly competitive digital asset market, as SHIB outperformed both Bitcoin and Polygon in February, demonstrating a dramatic shift in investor tastes.
Shiba Inu: Dominating the trade, a memorable 2023
WazirX, India’s leading cryptocurrency exchange, revealed that Shiba Inu (SHIB) ranked second in terms of platform trading volume last year.
The 2023 WazirX Year-End Report is available at đź“ť.
🚀 Top performing coins by trading volume:
» #BTC next #SHIB🚀 Most traded coins:
» $BTC, $SHIB, $XRP, $ETH, $TRX, $MATIC— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 28, 2023
India’s top exchange did not specify how much SHIB was traded last year, but the report nonetheless showed that it was more successful than popular cryptocurrency assets such as ADA, ETH, MATIC and XRP.
Several factors have contributed to the increase in SHIB trading activity, including the token’s unique appeal as a decentralized meme token inspired by Dogecoin and the widespread participation of retail investors on social media platforms. These achievements highlight the dynamic nature of the cryptocurrency market as it develops.
Shiba Inu experienced exceptional productivity in 2023, during which it launched Shibarium, a layer 2 blockchain solution.
The main goal of the network was to increase the scalability and efficiency of memecoin by reducing costs and optimizing transaction speeds.
SHIB market cap currently at $5.69 billion. Chart: TradingView.com
The increased Shibarium transactions and associated fees led the cryptocurrency development team to burn 33.8 billion SHIB tokens in a series of transactions.
These burn plans have helped reduce the actual supply of SHIB, garnering the attention of cryptocurrency investors.
It recently surpassed a huge milestone, with the total number of transactions approaching 250 million.
Shiba Inu Trade Win: Kusama’s Reaction
Kusama, Shiba Inu’s lead developer, responded to the meme coin’s second-place finish in WazirX’s trading department with a “cool face” emoji and “Shiba Inu, you say…” ” he responded with the caption.
The 2023 WazirX Year-End Report is available at đź“ť.
🚀 Top performing coins by trading volume:
» #BTC next #SHIB🚀 Most traded coins:
» $BTC, $SHIB, $XRP, $ETH, $TRX, $MATIC— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 28, 2023
Kusama also praised SHIBArmy for providing cryptocurrency support to achieve this significant achievement.
another story
Since the end of last year, Shiba Inu has not made much progress. In fact, its value plunged more than 12% on Wednesday, triggering a general slump in the cryptocurrency market.
However, several important indicators suggest that the prevailing negative trend may reverse in the near future. For example, SHIB exchange net flows have fluctuated mainly negatively over the past week.
Meanwhile, many experts expect US spot Bitcoin ETF approval to occur in the coming weeks.
Implementation of this product will significantly reduce the obstacles that institutional investors currently face when attempting to acquire Bitcoin.
Featured image from Freepik