Dogecoin and Shiba Inu are gaining massive traction and ranking among the top five traded cryptocurrencies on Indian exchanges.
Fast facts
- Dogecoin contributed 13.76% to the overall trading volume of CoinSwitch Kuber, which claims to be the largest Indian crypto exchange with over 10 million customers, over the last six months, according to a report by the BusinessLine. In fact, Dogecoin’s trading volume surpassed that of Bitcoin and Ethereum put together during the same period, which contributed 6.04% and 6.06% to the overall trading volume respectively. CoinSwitch Kuber has yet to list Shiba Inu.
- Over the past week, WazirX has seen Shiba Inu bring in almost 50% of its trading volume, blazing past Bitcoin as the highest traded token. Between April and October, Dogecoin trading volume on crypto exchange BuyUcoin reached US$300 million while Shiba Inu transactions amounted to US$180 million, Shivam Thakral, CEO of BuyUcoin, told Forkast.News. During the same period, while Bitcoin and Ethereum maintained dominance as the top traded tokens, Dogecoin ranked third while Shiba Inu came in fifth in terms of trading volumes.
- Shiba Inu has been breaking records while Dogecoin has also been gaining momentum over the last few weeks. “At OKEx, we have seen a 5x increase in Shiba Inu trading since the beginning of the price surge,” said Jay Hao, CEO at OKEx. “We think that meme coins and altcoins could gain investors’ interest if they continue to deliver handsome returns and at the same time, users should be very careful while investing in such cryptos … and always diversify their portfolio across multiple crypto assets.”
- While Dogecoin and Shiba Inu have been performing well globally, the murmurs of a positive crypto regulatory framework in India has boosted the confidence of investors and led to the surge in the sub-continent, Thakral said.
- Just last week, U.S. National Security Agency whistleblower Edward Snowden issued a warning to Shiba Inu owners in a tweet stating: “please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*.” Although they both started off as a joke, Dogecoin and Shiba Inu are currently the ninth and 10th largest cryptocurrencies by market cap, according to data from CoinMarketCap.
