Shiba Inu (SHIB) is the third most popular crypto in India after BTC and Tether, ahead of the world’s largest altcoin Ethereum and popular meme coin Dogecoin (DOGE).
SHIB surpasses DOGE and ETH
India has become one of the largest cryptocurrency markets in the world, despite regulatory uncertainty. According to data from a crypto exchange, Bitcoin is by far the most popular crypto, trailing Tether and DOGE rival Shiba Inu Ethereum.
WazirX is one of the largest and most popular crypto exchanges in India. Now owned by Binance, the exchange says it currently has over 9 million users. WazirX has seen over $30 billion in trading volume this year.
Globally, Tether remains the most traded cryptocurrency for several months. In the last 24 hours, $53 billion USDT has been traded more than twice as much as $24 billion BTC and four times more than Ethereum. However, in India, BTC is still king. Tether is not far behind, and WazirX is the second most popular cryptocurrency, although it does not give specific figures. A surprise candidate on the list is the Shiba Inu, which ranks fourth and ahead of Ethereum despite being built on Ethereum.
While SHIB’s astronomical price increase is a big factor for much of the global trade volume, India’s history with the token goes beyond price. In May last year, Ethereum founder Vitalik Buterin transferred two trillion SHIB tokens, worth $40 million at the time, to fight Covid-19 in the country. Shiba Inu developers had given the tokens to Buterin as a way of demonstrating the legitimacy of their project, assuming it would not be cashed.
As we mentioned in the news of Kriptokoin.com, after converting 2 trillion SHIB into cash, the price of the token dropped by about 30 percent. Vitalik has also made new enemies for his action, and some developers have teamed up to promote a token known as Rug Ethereum whose sole purpose is to dump ETH for Binance Coin (BNB).
Ethereum ranks fourth in India, with WazirX token fifth. WazirX coin serves as a utility token on the exchange, and users receive a discount in fees if they trade with this token. DOGE, TRON, Cardano and Polygon are also quite popular in India.
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