Meme coins are no longer a joke. The recent trading frenzy around a digital cryptocurrency known as Shiba Inu—commonly referred to as a “meme” or joke coin—has emerged as the most valuable digital asset for Indians this Diwali, surpassing its rival, Dogecoin, with a global market capital of $40 billion.
Bitcoin, the new “Big B,” is also asserting its muscles, with its price in India soaring to Rs 50 lakh. In the festival season, cryptocurrency has the potential to emerge as a new investment choice to fund the future.
This data suggests that Indian investors traded a lot of digital tokens this Diwali. We asked leading Indian crypto exchanges including WazirX, Unocoin, and BuyUcoin which cryptocurrency is the most popular among Indians during Diwali.
Shiba Inu (SHIB) has emerged as the most popular coin, according to Shivam Thakral, CEO of BuyUcoin, who told indianexpress.com that it has regularly delivered promising returns. “SHIB is on the rise and attracting both new and seasoned investors… By the end of Q4, the market expects it to climb by another ten paisa.” SHIB is now trading at Rs 0.004990 at the time of writing this article.
SHIB’s popularity was boosted by a flurry of tweets from world leaders, including Elon Musk. Following a change.org petition demanding that Shiba Inu be listed on Robinhood, the meme coin soared on WazirX, clocking in over $320 million in transactions over the last four days.
Furthermore, ‘Dogecoin Killer’ SHIB accounted for roughly half of WazirX’s trading activity during the last week. Shiba Inu, Loopring, Tether, Bitcoin, Sandbox, and WazirX coins are the most traded tokens by volume, according to Siddharth Menon, COO of WazirX cryptocurrency exchange.
SHIB’s popularity was boosted by a flurry of tweets from world leaders, including Elon Musk. Following a change.org petition demanding that Shiba Inu be listed on Robinhood, the meme coin soared on WazirX, clocking in over $320 million in transactions over the last four days.
Furthermore, ‘Dogecoin Killer’ SHIB accounted for roughly half of WazirX’s trading activity during the last week. Shiba Inu, Loopring, Tether, Bitcoin, Sandbox, and WazirX coins are the most traded tokens by volume, according to Siddharth Menon, COO of WazirX cryptocurrency exchange.
“On the WazirX platform, both WRX and SHIB are the top most traded tokens in India, with the highest liquidity and volumes traded. Sandbox and Loopring, on the other hand, are virtual reality games that have been gaining traction since Facebook rebranded to Meta and announced its metaverse vision,” he noted.
Other than SHIB, Thakral points out that Mana, Dogecoin, Ethereum, and Bitcoin were the most popular cryptocurrencies during Diwali.
Interestingly, November has traditionally been the strongest month for Bitcoin, with a 66 percent average return on investment. When it comes to Indians, Bitcoin remains “king,” according to Sathvik Vishwanath, CEO and co-founder of Unocoin crypto exchange.