Shiba Inu Beats ETH and XRP to Become Most Traded Coin on India’s Largest Exchange

India’s largest exchange, WazirX, highlights Shiba Inu as the second most traded token on its platform.

Leading India cryptocurrency exchange, WazirX, has highlighted Shiba Inu among the most traded coins on its platform. This was revealed in WazirX’s End of Year report published on December 28.

Shiba Inu Outpaces XRP and ETH

Although WazirX did not indicate Shiba Inu’s trading volume in 2023, it noted that SHIB ranked as the second-most traded coin on its platform. The top canine-themed token was only behind Bitcoin in the ranking.

Interestingly, Shiba Inu outpaced other prominent cryptocurrencies like XRP, ETH, TRX, DOGE, MATIC, GFT, and FTT.

“Bitcoin and Shiba Inu remained the top performing tokens by volume on the exchange. WazirX users are known for their affinity towards Shiba Inu as indicated by trends and patterns of the last few years,” the exchange noted.

Launched in 2018, WazirX has become one of the leading cryptocurrency exchanges in India, boasting over 15 million users with more than 1.3 million monthly visits. It ranks as the number one exchange in India with the most volume traded, according to CoinGecko.

The exchange supports over 200 cryptocurrencies, including Bitcoin, Shiba Inu, and Ethereum. Per CoinGecko data, WazirX had a 24-hour trading volume of $4.12 million. Notably, the SHIB/INR pair is the fifth-most traded pair on WazirX, with a volume of $144,979.

Shiba Inu Dominance in India

It is not surprising to see Shiba Inu rank as the second-most traded token on WazirX. This is majorly because Shiba Inu has become a popular investment option in India.

According to data from Google Analytics, the search interest associated with Shiba in India has spiked tremendously over the past 90 days.

It is interesting to note that the query volume for “Shiba Inu crypto” in India has surged above the average level for most part of the month. The query volume spiked to 100 on December 25. This suggests that people from the Indian crypto community are keeping a close tab on the canine-themed cryptocurrency.