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CoinSwitch, one of the largest exchanges in India, revealed that Shiba Inu was the most traded asset on its platform from April 15 to 20, towering over BTC.
Recent reports indicate that Shiba Inu has continued to attract a significant amount of attention from investors, with India being a particularly active market for the asset. In a noteworthy development, CoinSwitch, one of India’s largest exchanges, has reported that Shiba Inu was the most frequently traded asset on its platform during the previous week.
CoinSwitch made this disclosure through its official Twitter handle today, taking into account data from its trading volume between April 15 and 20. The list contains the top 5 traded assets on the platform within this period, with Shiba Inu securing top position. Bitcoin (BTC) comes second, while DOGE retains third position and ETH takes fifth.
Which of these coins starred in your portfolio last week?#SHIB #BTC #DOGE #LRC #ETH pic.twitter.com/95f7NxDAQm
— CoinSwitch: India's Largest Crypto App 🚀 (@CoinSwitch) April 22, 2023
The disclosure underscores the massive interest in Shiba Inu among investors in India. SHIB became increasingly popular in India two years back when Ethereum founder Vitalik Buterin donated 50 trillion Shiba Inu tokens to the Indian Covid-19 Relief Fund. The funds were valued at $1 billion at the time.
Following the exposure, Shiba Inu has become the go-to investment choice for most Indian crypto investors, commanding a large share of trade volume in the country. Besides last week, SHIB was also the top traded asset on CoinSwitch for three consecutive weeks from Feb. 25 to March 11. The asset has retained a position in the top 5 list every week since Feb. 5.
Which of these #cryptos were you trading last week?#GALA #MATIC pic.twitter.com/raZ5kPx5jX
— CoinSwitch: India's Largest Crypto App 🚀 (@CoinSwitch) March 11, 2023
Shiba Inu Popularity in India
These reports from CoinSwitch follow a previous analysis shared by WazirX, another leading crypto exchange in India. WazirX disclosed in December 2022 that Shiba Inu was the most popular asset among first-time traders in India throughout 2022. SHIB was also the fifth most traded asset on WazirX in 2022.
In October 2022, reports revealed that Shiba Inu was the most traded asset in India within that period. Data from Nomics, a crypto market data provider, showed that SHIB was also the top traded token on three of India’s top exchanges: WazirX, ZebPay and CoinDCX.