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March has proven to be quite a profitable period for the entire cryptocurrency sector. While Bitcoin is hitting new all-time highs and Ethereum is getting closer to coming into its own, several altcoins have also recorded notable gains in their respective trajectories. Indian cryptocurrency exchange WazirX released a list of the five most traded cryptocurrencies on its app on April 2. According to the Indian exchange, memecoin Shiba Inu topped the list. This indicates that most investors participating in cryptocurrencies through the app have decided to purchase Shiba Inu.

In March 2024, Shiba Inu replaced Bitcoin on WazirX’s list of most traded cryptocurrencies. This development has garnered great appreciation from the SHIB Coin team.

“$SHIB was one of the most popular coins on @WazirXIndia in March! The Shib Army is going strong in India!” Resharing the list from WazirX with the official handle @Shibtoken posted on X.

Originally created as a tongue-in-cheek rival to Dogecoin, SHIB was launched in August 2020. Memecoin is currently trading at a price of $0.000027 (roughly Rs. 0.002257). With a market capitalization of $16,131,474,196 (approximately Rs. 1,34,583 crore), Shiba Inu ranks 12th among all 9,406 active cryptocurrencies on CoinMarketCap.

Along with Memecoin, the Shiba ecosystem has expanded its product portfolio over the years to include the Metaverse ecosystem, the Shibarium blockchain, and a .SHIB domain for community members.

Following these developments, the SHIB community witnessed expansion around 2023. For example, in late January last year, Shiba Inu emerged as a top choice for new entrants looking to invest in cryptocurrency. Chain analysis firm Nansen made the claim.

At the time, SHIB was trading at a price of $0.000012 (roughly Rs. 0.000984) and had a circulating supply of over 549 trillion. There are currently over 589 trillion Shiba Inu tokens in circulation and adoption is growing significantly.

Memecoin has remained popular among Indian investors despite a slow price surge. In December 2022, SHIB was the most traded token on WazirX, with 27% of first-time cryptocurrency buyers betting on memecoins.

According to the exchange’s list of top traded cryptocurrencies, Shiba Inu ranked first, followed by Bitcoin, Pepe Coin, Floki Inu, and Dogecoin. This means that the memecoin craze is heating up among cryptocurrency investors.

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